Technology provider vScreen said although it will be possible for lenders to provide execution-only for certain types of product renewals, it still presents a huge risk unless they can prove exactly what process was followed.
“Advisers must therefore have a robust and fully documented process to prove that the customer qualified for execution-only and was not given any advice during the process,” said Safran.
Under the MMR, advisers will have to be able to demonstrate customers have seen and accepted secure documents at set times during the advice process. The rules will also expand record-keeping requirements, with the obligation to keep records of any post-contract communications and to be able to access this data whenever required.
vScreen also is also enabled to offer clients the option to sign documents electronically.
Bill Safran, CEO of Vizolution said, “Our research highlighted the issues facing lenders and advisers in keeping the customer engaged while also remaining fully MMR compliant. Screen sharing will produce an audit trail of the sales process demonstrating that the lender or adviser was compliant with all aspects of MMR regulations, and having this evidence safeguards the adviser both now and in the future.
“Additionally, the use of screen sharing increases customer understanding and helps them to retain the information they’re given while also increasing customer engagement’.”
