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Richard Angliss. Home Buyer Systems The ‘Next Generation’ Sourcing System. Product Overview. What is a Next Generation Sourcing System? It is simply what established sourcing systems should have evolved into, driven by regulation For both Mortgages and General Insurance. FSA Regulation.

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Richard Angliss

Home Buyer Systems

The ‘Next Generation’

Sourcing System


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What is a Next Generation Sourcing System?

  • It is simply what established sourcing systems should have evolved into, driven by regulation

  • For both Mortgages and General Insurance


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FSA Regulation

What Is the FSA’s Prime Objective?:

  • Consumer Protection

    How Does It Do This?:

  • Through regulation of the sales process


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FSA Regulation

How do they expect Principals to manage it ?

  • Systems and Controls

    That are:

    • Effective

    • Robust

    • Demonstrable


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Regulated Firms

What Do Regulated Firms Have To Do?:

  • Establish a compliant sales process for both Mortgages and General Insurance

  • Fully Document it

  • Have Systems and Controls to ensure all FSA expectations are met

  • Provide information in form of RMAR


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Home Buyer System

A System For Industry Professionals by Industry Professionals

  • 26 Years Financial Services experience

  • Recognised Mortgages would have to be regulated

  • Previous regulatory experience showed need for sales system that picks up compliance

  • Knew Systems and Controls Essential

  • 14 Years experience writing systems in Financial Services


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What The Experts Say

"This is the type of system all brokers need to ensure compliance and reduce the risks of giving advice in a regulated environment“

- Frank Eve, Managing Director, Frank Eve Consulting


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Home Buyer System

What are the key components?

  • Point of Sale System

  • Training and Competence (T&C)

  • Compliance Monitoring

  • Embedded Treating Customers Fairly (TCF)

  • Management Information


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Point of Sale System

Point of Sale System must have:

  • A clearly defined easy to use sales process

  • Factfinding

  • Affordability assessment

  • Sourcing

  • Research

  • Comprehensive Suitability Letter

  • Embedded Treating Customers Fairly (TCF)

  • A clear audit trail – put the file away with confidence



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Mortgage Sales Process

Customer Relationship Management


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Mortgage Sales Process

Sourcing and Research


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Mortgage Sales Process

Tick Box Compliance


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Insurance Sales Process

Tick Box Compliance


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What Customers Say

“Home Buyer certainly assists the professional status of the advisor, and therefore their reputation. Home Buyer’s honest and trust worthy approach underlines their integrity, and the get up and go attitude screams of a dynamic approach to business. They have certainly exceeded my expectations”

Lloyd Richards– Managing Director, LPR Mortgages


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Training & Competence

FSA Expect:

  • To Find A Full T&C Process Implemented

  • Evidence that it is being used

  • Applied to both Sales and Support staff

  • Results being analysed

  • Areas of concern addressed

  • Records being kept


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Creating Tests

Training & Competence


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Creating Tests

Training & Competence


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Training and Competence

Training and Competence Modules


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Compliance System

Compliance Monitoring needs to be able to check for:

Quantity

  • Make sure the sales process has been followed and all documentation issued

    Quality

  • Check the quality of documentation especially suitability/affordability

    Risk

  • Identify and take action


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Compliance Officer

Control System


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ComplianceOfficer

Case Checking


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ComplianceOfficer

Quality Checking


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Compliance Officer

Early Warning System


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Compliance Officer

Direct Communication


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Treating Customers Fairly

Embedded Treating Customers Fairly (TCF). Which Means:

  • TCF must be incorporated in to the point of sale system

  • TCF requirements must be seen to be followed through

  • Company’s TCF policy must be demonstrable as part of it’s culture




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Treating Customers Fairly

Promotions Management


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Treating Customers Fairly

Complaints Management


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Treating Customers Fairly

Follow Up Management


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Management Information

Management Information

Key To Demonstrate Management:

  • Are basing decisions on good data

  • Have information available to warn of problems or developing adverse trends

  • Can track results of implementation of plans

  • Able to track individuals as well as the whole


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Management Information

Reports Statistics and Risks


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Management Information

Generation of Management Information


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Management Information

Graphical Representation of MI


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Other Controls

Need to be able to store for each AR:

  • Previous Employment History

  • Qualifications

  • Fitness & Competence testing results

  • Training Details

    All of this needs to be easily accessible for audit


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Other Controls

Advisor Management



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Features

System Produced Documents


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Features

Browse Lender Products


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Features

View Lenders Website


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Features

Access Lenders KFI’s


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The Reality

What Is Really Happening?


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The Reality

What Is Really Happening?


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The Reality

What Is Really Happening?


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The Reality

What Is Really Happening?


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Home Buyer System

Efficiency

  • 100% Checking from Desk Top

  • Early Warning System

  • Robust Systems and Controls

    Cost

  • Reduces staff requirement

  • Minimises risk of fines


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Home Buyer System

Summary

  • Total Process (Mortgage & GI)

  • Total Checking

  • Cost Effective

  • Can use as a whole or modules


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Home Buyer System

A TOTAL SOLUTION

FOR THE NEW GI &

MORTGAGE MARKET

The Next Generation

Sourcing System


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