Formed in 2007 Omnii undertook extensive market research prior to developing its software solution. The solution is called CHECKIT and allows intermediaries to verify and clarify client and property information at the start of an advisory process assisting advisers in meeting their "Treating Customers Fairly" obligations.

KEY FEATURES

• Data is accessed electronically from a number of providers' and aggregated and refined prior to delivery to users. This allows advisers to undertake the following:
  • Client Due Diligence check
  • Risk Assessment check
  • Property Valuation check
  • Reinstatement Value check
• Tools & calculators contained within the system allow the adviser to review and analyse the data delivered
• Organisations that have regulatory responsibility for advisers are able to control the output and analysis of the data acquired, influencing subsequent advice and recommendations
• Responses will allow organisations to profile advisers and clients assisting in future product design and development

Nick Berry, managing director, comments: "Omnii Solutions and CHECKITTM were created out of our belief that advisers would benefit from having access to a range of important client and property information before embarking on what can be an extensive and costly advisory process. Tools within the system can deliver results and conclusions almost instantaneously ensuring that a "Treating Customers Fairly" (TCF) approach has been followed and demonstrated".

KEY BENEFITS OF THE OMNII SOLUTIONS CHECKIT SYSTEM
All parties involved in the advisory and recommendation processes surrounding a financial transaction will benefit from the application of the CHECKIT solution.

ADVISERS

• By clarifying at the start of the advisory process a client's identity, high level risk profile and property value will enhance the accuracy of subsequent lender and scheme recommendations.
• Compliance requirements demand that a "Treating CustCustomers Fairly" (TCF) approach is adopted at all times. CHECKIT facilitates this process by enhancing the Fact Finding and "Customer Due Diligence" (CDD) processes.

NETWORKS

• CHECKIT will assist in monitoring and reporting on "Treating Customers Fairly" (TCF) and general compliance adherence by adviser members.
• CHECKIT offers an effective method of disseminating guidance and procedural instructions creating process efficiency and increased profitability.

LENDERS & PACKAGERS

• Extranet deployment will increase intermediary traffic and case submission levels.
• Pre-qualification will reduce administration costs associated with case rejection.

CLIENTS

• Pre-qualification will reduce lender rejection rates and associated fee loss.
• Pre-qualification will speed up the advisory, application and underwriting processes.

The Omnii CHECKIT system is a web based solution which can be used on a standalone basis or integrated into existing point of sale and back office systems.