Stonebridge invests in new Financial Promotions approval technology

10 October 2022

Stonebridge, the national mortgage and insurance network, has developed and launched new technology for financial promotions submission, approval, and management via its wholly-owned trading platform, Revolution.

Designed and developed reflecting feedback from Stonebridge-appointed representative (AR) firms about their ideal solution, the new functionality means AR firms can now submit and manage their financial promotions in one location, while providing a full audit trail for both the network and the individual firm.

Firms continue to interact with Stonebridge’s Business Standards teams but now through new messaging functionality within the system and can track all of the financial promotions they have submitted, including what stage of the approval process they are at, or if there are any required changes to comply with policy or regulations.

Once the promotion is approved by the Stonebridge Business Standards team, the new system notifies the AR firm and provides a certificate of approval. A further alert is also sent when each financial promotion is due to expire, allowing the AR firm to request reapproval, amendment, or withdrawal.

Stonebridge says the new system provides convenience, efficiency, and simplicity that results in an enhanced experience for AR firms in approving their financial promotions, allowing firms to upload all new marketing, advertising, website, and social media material, enabling them to review, amend and archive these online, and providing access to existing, or previously withdrawn, promotions.

The network said the new financial promotions approval system is the latest demonstration of Stonebridge’s ongoing multi-million-pound investment in its dedicated mortgage adviser platform, and closely follows the new referral functionality launched earlier in the year to help its AR firms close the UK’s £2.4 trillion protection gap.

Revolution in-house developers operate a multi-phase approach to enhancements and new capability and functionality to the system, with further developments due to be announced throughout the next year.

Rob Clifford, Chief Executive of Stonebridge, commented:

“The ability to be able to act quickly, decisively, and compliantly when it comes to the approval of marketing is hugely important for advisers in the changeable mortgage and protection markets we have, which is why this new technology solution is designed to provide considerable operational efficiencies to our AR firms.

“To submit promotions via Revolution, to be able to track their progress to approval, and have a ‘heads up’ on expiry, while also offering the opportunity to update and seek reapproval will, I’m sure, be greatly beneficial.

“A system developed within the excellent Revolution system, with direct access to the Business Standards team decision-makers, means the expert teams can review and approve financial promotions at pace.

“Revolution sits at the heart of our business and we will continue to develop and enhance the platform with new capability such as this, in order to ensure our firms are able to maximise all the opportunities to grow their businesses and trade safely.”

Andrew Brown, Managing Director at Bennison Brown, said:

“The new approval system in Revolution has made managing our financial promotions easier and more efficient. Not only by the way in which we have promotions approved but the fact we can now store, manage and keep track of everything in one place. This additional functionality is not only impressive in terms of what it can do to ensure we remain compliant but how it has enhanced our experience in managing financial promotions with Stonebridge as a whole.”

Kate Stratton, Managing Director at Home Mortgage Solutions, commented:

“Revolution’s new financial promotions approval system is another great addition to the platform and is incredibly simple to use. With our Stonebridge Business Standards team continuing to review and approve all our promotions, the convenience and ease of managing everything in one place, and the time this saves, should not be undervalued.”

To find out more about Stonebridge or if you are interested in joining their AR proposition visit: www.stonebridgegroup.co.uk/join-our-network