The Exchange is adopting technology supplied by compliance firm Connect 360 to give intermediaries tighter control of documents which must be managed for regulatory purposes.
Under the partnership, Connect 360’s Coview software will do much of the update work concerning documents which IFAs might struggle to, as the system automatically replaces documents saved in the Exweb library with any new ones published by a provider or insurer to ensure intermediaries have the most up-to-date documents when making future recommendations to clients.
Until recently, providers struggled to ensure advisers had the correct documents when making recommendations, suggests The Exchange, as it required they recall previous versions and issue new ones.
Under this new system, however, insurers are able to update the documents through a central library and provide a safer audit trail for compliance monitoring, says Dave Miller, provider relationship manager at The Exchange.
“One of the biggest challenges facing IFAs and mortgage intermediaries in terms of regulatory compliance is the management and control of information. IFAs have embraced electronic publishing to produce faster and more efficient customer quotes,” says Miller.
“However, there is still a serious risk that out-of-date information could inadvertently fall into the wrong hands, placing the IFA at risk of non-compliance.Documents need to updating frequently and we have selected Coview to ensure that IFAs can be 100% confident their documents are the very latest compliant versions,” he adds.IFAonline
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