The Stonebridge Check, Action & Resolve (CAR) system, which launched in May 2021, has now hit over 2 million checks across more than 45,100 mortgage policies.
CAR is a support function providing an early-warning system for Stonebridge appointed representative (AR) firms and their mortgage advisers, primarily focused on identifying missing documentation and factfind fields that require completion.
Once an adviser makes a recommendation for a mortgage product, the CAR system automatically runs a series of checks applicable to that recommendation, identifying where key factfind information needs to be added and displaying helpful reminders for outstanding mandatory documents on the Revolution system.
The system now checks 67 crucial document and factfind data areas. It’s completely free for ARs to use, CAR runs on all mortgage cases (including Product Transfers) except equity release, which will be developed in a future phase.
It has been designed to support advisers with case administration and document management, but importantly to prompt advisers into delivering good customer outcomes.
Stonebridge revealed that since the launch of CAR, of those mortgages recommended, over 99.5% of checks were completed by advisers prior to the deadline set by the system.
CAR is an additional tool for Stonebridge firms to assist with achieving a fully compliant file and is used along with other support from the network, including its Mandatory Scanning List and Advice Standards.
Gavin Earnshaw, Operations Director at Stonebridge, commented:
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“Our CAR system shows what can be achieved by designing technology within a business that really understands the needs of customers and advisers. It is a collaboration of brilliant minds who understand how to develop systems that offer real-world benefits.
The results have been incredible, with over 2 million checks having been completed in under 10 months. Our network of advisers has been great at taking the prompts and completing the actions, so it gives huge comfort to us as a business in terms of the overall quality of record keeping. This first phase has been a real success and we’re looking forward to delivering further developments later in 2022.”