Turnaround issue compounded by metric confusion: Connective

Turnaround issue compounded by metric confusion: Connective CEO


Turnaround issue compounded by metric confusion: Connective CEO
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While welcoming that more lenders are proactively publishing their turnaround time data, Connective CEO Glenn Lees has said that a lack of consistency in definitions has added to overall opacity and confusion.
Speaking to The Adviser, the CEO of the major aggregator said that having a clear picture of the length of time it is taking lenders to approve loans is increasingly important for brokers given the current blowout in turnarounds – particularly for third-party introduced loans – and the new best interests duty.
However, he added that while it was “really positive” that lenders have become “more active than ever in publishing their own data about their own turnaround times”, gaining a clear and transparent idea of where turnarounds where at had become harder for brokers, given a lack of standardisation in reporting.

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