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Abbey rethink on client ID check to speed up service

Abbey will no longer need to see certified copies of ident-ification for the processing of mortgages in a bid to speed up service.

The review of its anti-money laundering rules follows a statement from the FSA of its intention to delete the money laundering sourcebook from the handbook, leaving it to firms to set up their own guidelines.

Brokers will now be responsible for checking the identification of the client and verifying that they live at the address they say they do. The intermediary then has to note the reference number of the ID used on the application forms for Abbey’s reference. Intermediaries are being notified over the next two weeks.

Further improvements announced by Abbey include guidance on its 10-day turn-over promise for mortgage applications as well as restructuring its underwriting pro-cesses to regional offices.

Spokesman Joe Wiggins says: “It all comes down to having less paperwork for the client and the intermediary. It reduces the paper trail, streamlines the whole process and mainly puts the power in the hands of the broker.”

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Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.

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