In recent weeks we have introduced several important OMS updates, and more are in the pipeline for the coming weeks.
Recently we updated the process of moving stages within a case. To ensure that the appropriate fields within each stage are completed, such as advice and offer fees, advisers can no longer skip stages. Instead, each stage must be completed in order and with the relevant tasks updated.
So long as the stages are being completed at the correct time, OMS will now automatically pre-populate the date fields for you, such as
- DIP date
- Application date
- Offer Date
- Completion Date
These changes have made it even more important that advisers set up cases at the appropriate times and follow the stages correctly. Once you have moved a stage forward, you will not be able to move it backwards.
Another big update we have introduced is the product specific file checks. Previously, the file checks would have had tabs for every possible product, but now you will only see questions that relate to the appropriate product.
If you have an older case, your file check may appear to have been removed, but this isn’t the case. All old, completed file checks are still within the file check tab, but are saved in the tab called OLD.
It remains important to set cases up correctly and move them along at the appropriate stage, failure to do this can result in a Network breach, but breaches are easily avoided.
What is a breach?
To avoid anyone getting an email from Compliance that isn’t a nice one, I just wanted to highlight some areas that are considered a breach and let you know what you can do to avoid this.
- Submitting an application to a lender without creating a case on OMS.
- Submitting a case to a lender without having the case checked by Compliance (only for Blue advisers)
- Submitting a case outside of your permissions
- Not completing compliance file check remedials within agreed timeframes
- Not completing your annual Fit and Proper assessment or your annual Observations
There are many other areas that could be considered a breach, but these are the frequent areas we see that advisers sometimes fall foul of.
So, what can you do to avoid a breach?
- Firstly, ensure you create a new case on OMS at the beginning of the process and before you are ready to submit your DIP.
- If you are submitting a regulated case such as a Residential mortgage, Consumer BTL, Regulated Commercial or Bridge loan or a Protection Case, and your adviser status is BLUE, your case will need to be checked and approved by Compliance before you submit your application.
- Ensure you have the appropriate permission before you submit a case. The most common mistake we see is advisers submitting a regulated BTL, Commercial or bridge loan without regulated permissions. To obtain this you will first require a CeMAP (or equivalent) qualification and to have attended the residential training course and passed the subsequent observation.
- For each file check completed, Compliance will advise you of the required time to complete the remedial action. If you are unable to complete this within the timescales, please ensure you communicate with the team and in some situations, an extension can be given.
- Compliance will contact you one month in advance to complete your Fit and Proper and Observations, ensure you complete the required actions within the timeframe given. Not only is not completing your annual Fit and Proper a network and regulatory breach and will result in your access to OMS being restricted until you have completed the appropriate action.
If you have any questions on any of this, please feel free to contact Compliance
Regards
Alan Baldwin
Director of Compliance
For any questions or queries, contact the Compliance Team
Call : 01708 676110
Email : compliance@connectmortgages.co.uk