Greater data transparency is needed, says Smartr365, after a survey reveals almost a fifth of brokers have been held as ‘data prisoners’.

Data prisoners are those effectively trapped in customer relationship management systems by complicated methods and large fees to retrieve data.

Of those who reported experiences as data prisoners, 26% were charged over £1,000 for the return of their data. 

One in 20 were charged at least £10,000, with one in 50 charged over £20,000.

Despite this, just under nine in ten respondents (86%) agreed that a mortgage application journey led by tech is safer than its paper-based equivalent. 

Smartr365 chief executive and founder Conor Murphy comments: “We call on all tech platforms to be transparent – in terms of their pricing, offering, and data handling.”

“That almost a fifth of brokers have been unfairly penalised indicates that the problem is widespread, so it’s vital we don’t let this become a chronic issue which stymies the progress of our industry.”