Software provider 1st says adviser companies which do not use technology properly will be unable to handle the requirements of the FSA’s treating customers fairly regime.
1st has launched an updated version of its Adviser Office with new features to support TCF. It says the system was built to satisfy the core principles of the new regime and to help firms give evidence of their adherence to required business procedures.
The Exchange and 1st propositions and business development director Paul Yates says: “It may sound like a very bold statement but we believe that, without the proper use of technology, adviser firms will be unable to report on the FSA requirements on treating customers fairly.”
New features of AO6 include a Scottish Widows update link, Sipp, pension and fee enhancements and estate planning and value-based commission.
The FSA has set advisers deadlines of March to ensure they have appropriate management systems to test TCF and December to ensure they are consistently treating their customers fairly.
Yates says: “We have worked with many intermediaries on our training courses that are initially very nervous of how to evidence their business procedures to the required standard.
“But using the new AO6, integrated with the Exweb portal for quotes and new business, it is very easy now for technology to support advisers in creating the required data and give evidence of a solid and robust business process.”