OMS enhances Consumer Duty features for brokers and lenders
One Mortgage System (OMS) has upgraded its Consumer Duty capabilities in response to user feedback.
These enhancements are aimed at refining the experience for both brokers and their clients within the platform.
The updates include a customisable section for unique Consumer Duty inquiries, automated tasks for reviewing clients, timing mechanisms for stage progression, queries to identify vulnerabilities, a mandatory internal Consumer Duty checklist, and an automated client feedback survey.
The client survey feature, in particular, has seen significant adoption since its introduction on 31st July, with 85% of OMS clients utilising it and a 95% completion rate by the recipients.
Neal Jannels (pictured), managing director of OMS, said: “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.”
Jannels also emphasised the ongoing importance of Consumer Duty: “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.”