How Broker ID can help lenders better meet the new Consumer Duty Rules

From a lender’s perspective, the ethos for the Consumer Duty rules is that lenders protect their customers to ensure good outcomes are met.

Lenders must look at their entire distribution chain to meet this goal. Only when considering the customer’s entire relationship with the firm, can they ensure there is appropriate support at every step of the mortgage journey - but where does it begin?  

Ensuring good customer outcomes begins with onboarding the right brokers, as smoothly as possible. Lenders must have the utmost confidence in their partnerships, who have earned the right credentials and are positioned to issue effective and tailored advice to consumers.  

Fortunately, innovations in technology have introduced more streamlined processes for this to happen.  

How Broker ID works

Our Broker ID platform supports lenders in vetting advisers and verifying broker credentials before any business is written, including standard-issue due diligence checks and risk assessments. The cutting-edge tool is targeted at accelerating the lending process by being able to onboard brokers quickly, but without compromising on quality.  

First and foremost, Broker ID’s main function is to collaborate broker data into a single online interface, which predominantly can be used for onboarding. The ability to access this data immediately not only fortifies a lender’s vetting process – but also saves valuable time and money, freeing up resources to be spent on helping customers receive the expert service they rightfully deserve.

Additionally, the tool can go above and beyond in terms of nurturing broker relationships. The simplified strategy of reducing the number of manual checks allows lenders to be proactive, manage their panel and spend time cultivating broker relationships for the benefit of the borrowers.  This further allows lenders to understand the firms they work with better, nurturing more positive relationships while also receiving rapid notifications if a broker’s status or risk level changes.

Why it’s important

In our current climate, consumers are more at risk of vulnerability than ever before, making the timing of the Consumer Duty even more important. Using the right technology, lenders can keep in lockstep with their brokers, ensuring they have the best people on board and that their products are well-suited to meet consumer requirements.  

Vitally, our Broker ID tool, like all our technology, supports lenders in meeting these essential obligations effortlessly, with cost-efficiency, and a strong customer-centric focus.

Find out how finova can help your business meet the new consumer duty requirements.