20th November 2007

Intermediaries still challenged by TCF management information survey confirms

Online research carried out by TCF Info (www.tcfinfo.co.uk), the lender backed website dedicated to supporting intermediaries in treating customers fairly (TCF), reveals  that one half of intermediaries are still struggling with setting up and using TCF Management Information (MI).

Out of a sample of approximately 100 intermediaries, 47 per cent said they knew what they needed to do to set up and use TCF MI, however a significant 40 per cent said they were unsure, with a further 13 per cent stating that they didn’t know what they had to do. 

Of those who were confident about what they needed to do, 95 per cent had read or reviewed the TCF Info MI pages containing tips, tools, checklists and case studies relating to TCF MI. This figure dropped to 46 per cent for those who said they were unsure or didn’t understand what they needed to do.

Speaking on behalf of the 26 lenders who support the website, Chris Pearson, Director of RBS Intermediary Mortgages comments, “The survey results confirm what we already suspected, which is that although a significant number of intermediaries are making headway with TCF MI, many smaller firms in particular are still unsure of what to monitor and how they should report and act on the findings.”

Frank Eve, Managing Director of Frank Eve Consulting Limited, which manages the website said: “Significantly, those in the survey who felt they were ‘on track’ with TCF MI also happened to be the group which has read our TCF MI pages both in the greatest detail and in greatest numbers. It would therefore be reasonable to assume that our TCF MI checklists, case study and related tips and tools have been of help in improving these brokers’ understanding TCF MI and I would encourage anyone who’s not yet read our TCF MI Tips and Tools pages to go and do so.”

Eve continues, “Though we are encouraged by the positive response to our TCF MI guidance, this still leaves a significant minority of intermediaries (some 36 per cent) who need more help.”   Eve says that qualitative feedback from the survey showed that key concerns included identifying relevant key performance indicators and setting targets, how to produce effective reports from MI findings and - perhaps most significantly - a request for practical examples relevant for Small Firms of using and apply MI.

In response to its survey findings the TCF Info website plans to develop a number of simple MI case studies to supplement its existing MI Checklist and Complaints and TCF MI Case Study.  It has also just published a new content page on TCF MI – key principles summarising the FSA’s recently introduced ‘five step approach’ to developing TCF MI. The page points intermediaries to recently published FSA examples of good and poor MI practice in smaller firms.

Firms ask for information from lenders to support TCF MI

Intermediaries were asked if they felt that data from lenders and providers on the product performance would help them with their TCF MI.  There were requests in response to know average offer and completion times, as well as lenders’ own service standards – for example how long they would take to reply to references. Some intermediaries also said they would be interested to receive feedback on errors or omissions on applications or proposal forms which can slow down applications and therefore impact on customer service.

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Enquiries:

Frank Eve, Managing Director, Frank Eve Consulting Limited
Tel:- 0870 351 8646  Mob:- 07880 505 707
Email:- frank@frankeveconsulting.co.uk

Notes to Editors (1/2)

The TCF Info Forum was established in November 2005 as a result of a shared desire by its members to offer mortgage intermediaries a single, neutral and highly practical source of information on TCF. The ‘first phase’ TCF Info website was launched in June 2006, since when the content has been developed to cover all aspects of the product life cycle.

Founding member brands of TCF Info

• Future Mortgages
• GE Money Home Lending
• Money Partners
• Platform
• Preferred Mortgages
• Rooftop Mortgages
• Southern Pacific Mortgage (SPML)
• Wave

Supporting member brands joining from October 2007