OMS updates dedicated Consumer Duty functionality
08 November 2023
One Mortgage System (OMS), the seamless single-input enquiry to completion processing platform for brokers and lenders, has announced updates to its dedicated Consumer Duty functionality on the platform.
A Consumer Duty section was added to the OMS platform following extensive user feedback and requirements back in July. As a result of continued usage and further feedback, additional functionality has been embedded to enhance the Consumer Duty journey for users and their clients.
This includes:
• Customisable area for bespoke Consumer Duty questions
• Automated client review tasks
• Introduction of stage progression times
• Vulnerability questions
• Essential internal Consumer Duty checklist
• Interactive and automated client survey
Since 31st July, 85% of OMS clients now use the client survey function with a 95% completion rate of these surveys by clients that receive them.
OMS is the only end-to-end platform which covers product areas such as residential, buy-to-let, second charge, equity release, bridging, commercial plus general insurance, and protection. It is integrated with market-leading providers - Twenty7Tec, iPipeline, Submissions Brain, Ignite, Hometrack, Experian and Knowledge Bank - to provide users with best in class for product sourcing, protection sourcing and criteria searching.
Neal Jannels, Managing Director of One Mortgage System (OMS), commented:
“As a business, we supported all our users in the lead up to the consumer duty deadline and have worked closely with a host of firms to integrate functionality which will help them to not only comply with the new regulations but also enable the collation of relevant information from a compliance and delivery perspective, as well better managing their client records.”
“Consumer Duty will remain a key focal point for intermediary firms and we will continue to carefully assess how we can establish extensive programmes to help our users to embrace this important directive going forward.”
To register for a free trial, brokers should visit www.onemortgagesystem.co.uk
