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 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.
Neal Jannels (pictured), managing director of One Mortgage System (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.
“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.”