Launched in association with Compliance Checking Ltd, the new facility means that all applications received from intermediaries by SMS can be independently checked through a sophisticated product suitability and grading assessment.
Lenders can remotely access the system to check individual cases and analyse data as part of their product performance and oversight arrangements.
Ian Balfour, CEO of SMS commented:
“This is a quantum leap in the evolution of intermediary lender hubs like SMS. Lenders can now, with confidence, turn again to the intermediary market, knowing that by using SMS as a conduit to the intermediary market, they can guarantee receipt of independently audited cases, which have been validated for product suitability as well as affordability and fraud prevention.
"It provides a cost effective process through which lenders can accept intermediary business and demonstrate compliance to their new responsibilities under the MMR. It will also help networks and firms looking for greater monitoring oversight of individual advisers. This is a significant step in the development of the ideal interface between lenders and the intermediary market.”
Terry Young, Managing Director of Compliance Checking, said:
“We are delighted to be working with SMS, which has a long pedigree of innovation in bringing lenders and intermediaries closer together.
"The file checking system we have developed is integrated into SMS’s online and office systems, so that intermediaries can have confidence that their cases will be approved faster and lenders have an innovative solution to help them comply with the proposed new rules.”
