It means advisers using the system will be able to check whether their clients can claim benefits, including Housing Benefit, Pension credit and Universal Credit.
The feature is part of the third version of AIR Sourcing and has been built in association with entitledto, the provider of online state benefit calculators, via an Application Programming Interface (API).
Advisers can run off a personalised and comprehensive state benefits’ report, with key benefit entitlements summarised against the client file.
AIR Sourcing said the software provides the adviser with full oversight, so they can make sure any recommendation does not curtail a borrower’s ability to secure state benefits.
Ray McCarthy, head of distribution at AIR Sourcing, said: “Providing a report on a client’s state benefits is now a vital part of advising older clients, not only in achieving the best possible consumer outcome but particularly where clients are seeking to borrow to raise capital or increase income.
“The FCA’s recent announcement on retirement interest-only (RIO) mortgages means advisers should always ensure clients are maximising their income in order to assess the suitability of these products before considering other options like downsizing or equity release.
“Having this State benefit reporting system within the AIR Sourcing software will allow advisers to avail themselves of all the facts with regard to benefit eligibility, and provide both them and their clients with a full view before embarking on the product recommendation.
“The last thing advisers will want to do is potentially jeopardise the client’s access to benefits and by linking up with entitledto, AIR Sourcing users are now able to ensure that the chances of such an outcome are seriously diminished.”
Nicki Duckworth, content and customer relations manager at entitledto, said: “We believe everyone living in the UK should be able to understand what their legitimate entitlements are and honestly claim that amount from the government – social security is a key aspect of our society and a vital part of our modern communities.”
