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TSB apologises for product transfer delay

TSB has apologised for delaying accepting product transfers until next year because it needs more time to upgrade its technology. 

The lender initially planned to accept product transfers this month. 

However, TSB sent an email to advisers and brokers yesterday to say it needed to finish rolling out its planned banking platform first. 

The email from TSB mortgage distribution director Roland McCormack says: “We’ve recently re-planned the roll-out of TSB’s new banking platform scheduled for November, into Q1 2018.” 

The lender says it is also launching broker software later this year called TSB Mortgage Pro. 

But this needs to sync up with the platform before the lender can carry out product transfers. 

The email adds: “From day one of our existence, we have been clear in our commitment to offer this facility, and I personally have been a vocal advocate in the market. 

“That is why we have considered alternatives and manual workarounds for this short interim period, though sadly we have found it impossible to find a compliant solution. 

“I, and my team, can only apologise for the change in the roll out of product transfers and we understand the frustration that this will cause you and your clients.” 

TSB Mortgage Pro will let brokers scan and upload documents in real time. 

It will also reduce the time needed to key in applications and AIPs. 

TSB says the new system will also address broker frustrations about the current system. 

The firm also says it will soon announce its proc fee levels for product transfers. 

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