Brokers are distressed by errors in the HSBC system


A number of brokers approached Mortgage strategy with complaints that HSBC’s online systems have prevented case submission and management for the past 24 hours.

Describing the day before today, August 4, as “chaotic”, a broker said he was unable to reach any business development manager (BDM), “and the standard time to respond to a telephone was considered a good result, when it came to calling a lender.”

Another broker shared a similar story, although he was able to get his hands on his BDM – with a positive result. This broker says they “spent from 2 p.m. yesterday trying to grab a home purchase [and] product transfer.

“Finally,” the broker continues, “after the system crashed, I got the house purchase on the system, but [regarding] product transfer, I tried for four hours until I went to bed without success.

This broker says he stayed in touch with his BDM throughout the evening, sharing screenshots, the result being a promise to honor detailed rates.

“The systems are still down today, but I think if the advisors can prove they were trying to place the deal last night, maybe they should talk to their BDM,” the broker concludes.

“It’s really bad – the systems can’t cope,” says another broker. “There are still queues today because some BDMs have said they will meet the tariffs.”

The HSBC system also does not work on some browsers, the broker says.

The broker adds that they are kicked out of the application on the last page.

“It also won’t allow you to upload documents for existing cases submitted before it all started, so these clients are affected by delays.

There has been no industry-wide update, they add.

Complaints about the time taken for key broker inquiries range from three hours to seven hours.

The matter was discussed on Twitter this afternoon. Coreco Managing Director Andrew Montlake writes:I know they are working on the issue and have tried really hard to fix it – it’s incredibly frustrating but they are trying and I’m sure they’ll let everyone know.

A spokesperson for HSBC UK said: “We had a slight technical issue with our brokerage platform for a very short period of time which we are testing to ensure this has now been resolved.

“The platform is generally extremely stable and offers a fast and simple trading experience, but from time to time we may need to investigate rare technical issues as they arise.

“As we pride ourselves on our service experience, we are naturally committed to helping brokers who were unable to obtain the product they were looking for due to this particular issue.”

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