Brightstar Financial is ramping up broker anticipation ahead of the September launch of its proprietary specialist finance sourcing system easysource.co.uk by unveiling its holding page today.
From September the technology, powered by Brightstar using data and systems provided by Twenty7Tec and a separate contact management system, will allow brokers to compare Buy-to-Let, residential, second charge, bridging and commercial finance deals.
Robb Jupp, managing director of Brightstar, said the “single search” technology was designed to “make it easy for introducing intermediaries to identify instantly the most appropriate client solution across a diverse range of lenders and product categories”.
It will also provide evidence of research, a case audit trail, automated case updates and an incentive portal detailing broker rewards on offer.
Mortgage Advice Bureau, Paradigm Mortgages and Intrinsic Financial Services have already confirmed they will adopt the system which is scheduled to go live on 15 September.
From next March all intermediaries will have to comply with stricter regulation across all consumer credit activity under the Financial Conduct Authority’s supervision.
The implementation of the European Mortgage Credit Directive also means all advisers have to decide whether to include second charge mortgages within the scope of their advice.
Whether or not advisers choose to apply for full permissions on seconds, the regulator will expect brokers to be able to prove they are treating customers fairly and advising them to take the most appropriate product or combination of products available.
That could mean reviewing second charge deals beside a remortgage and making a decision about whether to do this in-house or to refer either the second charge business or the client directly to a master broker.
Jupp added: “We don’t just see our ability to offer introducers the capability to demonstrate the appropriateness of their advice as a competitive battle ground for Brightstar – it’s the battle ground for the future.”
Firms must be compliant with MCD by March next year but the FCA has said firms wishing to move to the new regime early can do so from September.