It adds new features following user feedback
Mortgage technology provider One Mortgage System (OMS) has announced updates to its dedicated Consumer Duty functionality on the platform.
A Consumer Duty section was added to the OMS platform, following user feedback and the implementation of new regulations back in July. With further feedback, OMS said additional functionality has been embedded to enhance the Consumer Duty journey for users and their clients.
These improvements include a customisable area for bespoke Consumer Duty questions, automated client review tasks, introduction of stage progression times, vulnerability questions, essential internal Consumer Duty checklist, and an interactive and automated client survey.
Since July 31 – the start of the new Consumer Duty implementation, 85% of OMS clients have been using the client survey function with a 95% completion rate by clients that receive them.
OMS is an end-to-end processing 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 providers such as Twenty7Tec, iPipeline, Submissions Brain, Ignite, Hometrack, Experian, and Knowledge Bank.
“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 as better managing their client records,” said Neal Jannels (pictured), managing director of One Mortgage System.
“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.”
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