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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
Richard Angliss

Home Buyer Systems

The ‘Next Generation’

Sourcing System

slide2
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
FSA Regulation

What Is the FSA’s Prime Objective?:

  • Consumer Protection

How Does It Do This?:

  • Through regulation of the sales process
fsa regulation4
FSA Regulation

How do they expect Principals to manage it ?

  • Systems and Controls

That are:

    • Effective
    • Robust
    • Demonstrable
regulated firms
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
slide6
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
slide7
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

slide8
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
slide9
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
mortgage sales process
Mortgage Sales Process

Customer Relationship Management

mortgage sales process12
Mortgage Sales Process

Sourcing and Research

mortgage sales process13
Mortgage Sales Process

Tick Box Compliance

insurance sales process
Insurance Sales Process

Tick Box Compliance

what customers say
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

slide16
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
slide17
Creating Tests

Training & Competence

slide18
Creating Tests

Training & Competence

training and competence
Training and Competence

Training and Competence Modules

slide20
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
compliance officer
Compliance Officer

Control System

compliance officer22
ComplianceOfficer

Case Checking

compliance officer23
ComplianceOfficer

Quality Checking

compliance officer24
Compliance Officer

Early Warning System

compliance officer25
Compliance Officer

Direct Communication

slide26
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
treating customers fairly29
Treating Customers Fairly

Promotions Management

treating customers fairly30
Treating Customers Fairly

Complaints Management

treating customers fairly31
Treating Customers Fairly

Follow Up Management

slide32
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
slide33
Management Information

Reports Statistics and Risks

slide34
Management Information

Generation of Management Information

slide35
Management Information

Graphical Representation of MI

other controls
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

other controls37
Other Controls

Advisor Management

features
Features

System Produced Documents

features40
Features

Browse Lender Products

features41
Features

View Lenders Website

features42
Features

Access Lenders KFI’s

the reality
The Reality

What Is Really Happening?

the reality44
The Reality

What Is Really Happening?

the reality45
The Reality

What Is Really Happening?

the reality46
The Reality

What Is Really Happening?

home buyer system
Home Buyer System

Efficiency

  • 100% Checking from Desk Top
  • Early Warning System
  • Robust Systems and Controls

Cost

  • Reduces staff requirement
  • Minimises risk of fines
home buyer system48
Home Buyer System

Summary

  • Total Process (Mortgage & GI)
  • Total Checking
  • Cost Effective
  • Can use as a whole or modules
home buyer system49
Home Buyer System

A TOTAL SOLUTION

FOR THE NEW GI &

MORTGAGE MARKET

The Next Generation

Sourcing System

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