AT&T e-business spin-off Aqera has launched an online system designed to stamp out the mis-selling of financial products.
The new Collaborative Business Review System (c-BRS) will ensure that regulated financial services providers accept business that demonstrably meets consumers' needs and fulfils all the requirements of the Financial Services Authority's new, stricter post-N2 regulatory regime that comes into force at the end of this month, says the company.
The system automates the business review process, providing consistent review methodologies, regulatory demonstrability and management information. The system has been developed in partnership with Cap Gemini Ernst & Young, who will also supply consultancy and implementation services to Aqera's customers.
Shaun Crawford, head of the insurance sector at Cap Gemini Ernst & Young, comments: "With the advent of N2, there is even greater pressure on product providers to ensure that they comply with industry best practice to ensure the right products are sold to the right customers in the right way. The Aqera c-BRS package will not only help providers to comply, but will enable them to meet the requirement of 'demonstrability', and so minimise the risk of FSA sanctions due to mis-selling."
The automated system has also been designed to support the expected business review requirements of mortgage lenders following N3.