IFonline has launched a new software package designed to help lenders deal with compliance requirements under the Financial Services Authority’s (FSA) new regulations.
The new software, Product Data Bureau, reduces the number of people processing data which in turn reduces the number of mistakes which can be made.
At present, lenders send product details to all sourcing companies, who type the information into their own systems. But under the new rules, if the provider makes a mistake, it will become the lender’s responsibility.
With the Product Data Bureau, lenders will only have to enter products and criteria once, then validate it. The data is consequently fed out to all other systems.
Richard Hurst, marketing manager at IFonline, said lenders will benefit from cost savings as a consequence of the time saved.
‘Lenders receiving electronic applications through a white label site or through software will receive cost benefits. The time saved is more or equivalent to the monthly fee or licensing cost,’ he said.
More than 70 lenders have signed up to the platform, which is backed up by a product library providing audit trails, data validation and market distribution records.
Hurst said: ‘The new requirements for data will put a tremendous burden on both lenders and brokers. Accurate data is the foundation of sound recommendations and advice, and the industry needs an effective market-wide solution.’