Management Information (MI)
TCF MI – getting started
Purpose of the MI data
The MI data you collect as part of your TCF strategy must be able to help you measure performance against:
Do all firms need to gather the same data?
No. The data relevant for TCF in your business will depend on its size and how you operate in the mortgage market place. It’s down to the management of your firm to decide what MI is needed, however the FSA has identified the following areas as being potentially relevant:
* more relevant for larger firms and lenders
Identifying and gathering TCF MI
To make a start you’ll need to:
TCF shouldn’t require you to collect substantial amounts of new MI – for the most part you’ll simply need to think differently about the data already available to you. FSA research has suggested that less than 20 per cent of the required data gathering for TCF MI is new.
Creating an MI Plan
You’ll also need to create an MI plan which documents:
The complexity of your plan will vary according to business size. If you’re a small operation it can be kept at a simple level. Our TCF Info MI Case Study shows how you might prepare an MI Plan relating to complaints and cancellations.
For more background information on TCF MI read our related page TCF MI - key principles.
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