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Regulation increases costs and technology reliance

FSA regulation has increased costs for mortgage intermediaries as well as their reliance on technology, according to research from The Exchange.
The Exchanges Technology Index found that 47 per cent of IFAs say regulation compliance has increased costs, with 68 per cent expecting technology usage in the mortgage sector to increase to off-set some of the expense.
Mortgage sourcing systems and trading platforms were chosen by three quarters of intermediaries as their favoured method for interacting with lenders for mortgage quotes.
The Exchange managing director David Child says: “The findings clearly illustrate the extent to which regulation has been a catalyst in driving mortgage intermediaries towards increased adoption of technology.”

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