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Home Buyer Systems, TCF monitoring system, www.homebuyersystems.com

Supplier says...

Richard Angliss, managing director of Home Buyer Systems, said: "The FSA's principle number three says a firm must take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems.

"Breaches of this principle can result in enforcement such as the eye-watering £900,000 fine meted out to Thinc Group or more modest fines to smaller firms such as The Mortgage House and Chepstow Financial Services.

"Firms striving to meet the FSA's December deadline for treating customers fairly must have in place a rigorous monitoring system to control the effective delivery of TCF within their business, before, during and after the sale of the product.

"In response to this market need, we have developed our automated TCF monitoring system that consists of an automated diary system that prompts all necessary actions and flags up any that have not been carried out.

"It also generates letters and reports, providing management information for senior managers to prove that TCF is embedded in their firm's culture."

We say...

Plus points... Anything that helps firms to prepare for the treating customers fairly December deadline will surely be welcomed. The automated functions of the system will help management control their business reponsibly and effectively. This monitoring system will help a business enforce the FSA's principles and therefore hopefully help them avoid any potential fines in the future.

Could do better... The success of this product will depend on the size of the business and the existing processes they already have in place. It will only be popular if it saves time and in turn costs. Other customer management systems promising similar benefits exist.

Adviser says...

Bill Warren, of Bristol-based Bill Warren Compliance LLP said: "As formerly the director responsible for compliance at a mortgage network, and now as an independent compliance consultant, I cannot stress too highly the need for effective monitoring systems.

"Home Buyer's TCF Monitoring system enables those responsible for compliance to constantly monitor and control the relevant activities within the business, including the notification of automated risk warnings by text or e-mail, reports on any diary items that advisers have missed and complaints tracking.

"Above all, the impressive elements of Home Buyer's TCF monitoring system are its accuracy, its simplicity and its inbuilt proactive approach that forces actions rather than leaving it up to individuals to initiate their own actions."

Rating: 4/5 stars