OMS updates its Consumer Duty functionality

A Consumer Duty section was added to the OMS platform following user feedback and requirements in July.

Additional features have now been added, including a customisable area for bespoke Consumer Duty questions; automated client review tasks; introduction of stage progression times; vulnerability questions; and an internal Consumer Duty checklist for users.

For clients, an interactive and automated client survey has been added.

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.”