The release was the first drawing on statistical information following a complete overhaul of the database underpinning the RMS.
At the beginning of this year, we completed a switch to a new outsource partner, Matrix Solutions, to collect RMS data and develop tailored analytical services for members. We also took the opportunity to revise the database, filling in some gaps in our historic data, particularly in 2005 and 2006, which is now, in effect, based on total market coverage.
All historic RMS information going back to 2005 is now based on the new database. Although most of the revisions are modest and reflect improvements in data coverage and quality, care should be taken in comparing new figures with any we have previously published.
The new system allows greater flexibility to our own staff, extending their scope to undertake more complex analysis of RMS data, such as that used in our published research on the impact of the mortgage market review being undertaken by the Financial Services Authority.
For members contributing data, there are some more substantial changes, designed to make information from the RMS more accessible and useful. We have also simplified the log-in process for this group of users.
Members wanting to use the data more intensively are now being offered, in partnership with Matrix Solutions, a range of chargeable services. These will allow users to draw on the power of the RMS, using established, cutting edge data software to derive information on their own lending, compared to the market as a whole.
Lenders are also able to look at the amount and detailed profile of business they get from individual, named intermediary firms, and compare this with the business those firms sell to the rest of the market. With the landscape for lenders, intermediaries and the regulator changing rapidly, access to information like this has never been more important.
If you are a member and these new services interest you, please contact James Tatch at the CML for more information.
