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O&M Systems automates DB transfers checklist

27 May 2019

Software provider O&M Systems has automated its defined benefit transfers checklist functionality in line with FCA rules.

To complement its TVC and APTA functionality, O&M has made it possible to print FCA rules COBS 19 Annex 4A, 4B and 4C from its systems, which were introduced by the regulator last October.

O&M said the new checklist is available on a case-by-case basis and most of the 50-plus requirements have some degree of pre-completion. For many of the TVC requirements, it will be a matter of confirming what assumptions have been used such as mortality, revaluation or rates or return. However, the APTA requirements are more wide ranging and will take longer to locate, the group said.

O&M originally set out to produce a due diligence document for firms considering using its software, but realised there was a need for a transfer checklist that could be produced on an individual basis.

Graham Miller, managing director, O&M Systems (pictured), said: “The cost of DB advice is linked to the time taken for each case and we believe we can reduce the time it takes, whilst retaining a permanent record of how the analysis was undertaken.”

Miller added: “It would be impossible to fully automate something as complex as DB advice and the FCA wouldn’t be interested in that kind of tick-box compliance. However, by collating the majority of TVC and APTA requirements into one document, the adviser can fill in the gaps and most importantly, focus on client outcomes and create their suitability reports.”

Professional Paraplanner