The building societies now share a comon platform of mortgage application and administration and enquiry management systems with The Newcastle Building Society. Therefore, the cost of compliance is almost nothing.
Newcastle BS’s core computer systems have been developed with Melton Mowbray BS as part of a joint venture called Newton Facilities Management Limited. As a result, NFML now provides full or part computer systems to other building societies.
Newcastle BS chief executive Robert Hollinshead says: “Preparing for the introduction of any new regulations can be a heavy burden on any organisation, particularly if they need to update a number of different computer systems which frequently work independently of each other. As we continue to operate in such a heavily regulated environment there could also be significant advantages for other financial service providers to use our systems.”