OMS updates dedicated Consumer Duty functionality

OMS updates dedicated Consumer Duty functionality

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 check list
  • 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.”

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