QuoteMonster has announced it will be making changes to its service as a response to the new licensing environment.
Quality Product Research Limited CEO, Alan Rafe, says the changes will start to be implemented now as transitional licensing applications are soon to open in November.
“Essentially, we will be tightening up who has access to their pricing and research engine and ensuring there is a clear record of access,” said Rafe.
“With the increase in responsibility placed on Financial Advice Providers they will need to ensure it is clear who is providing the advice (financial entity) and who has access to the account from a privacy perspective.”
Key changes to ensure only advisers use the system include:
1. FSP-number validation is being integrated, via an API, with the Financial Service Providers Register so it will be able to monitor in real time the registration details and status of an FAP / FA account.
2. It will restrict the number of devices that can access an account and require email verification with each device.
3. Provide the ability for administration and or compliance people to access a FAP/ FA account under their own login to monitor access (small fee required).
Rafe said the above changes will be implemented gradually over the coming months to ensure minimal disruption to advisers.
He noted that most users will not see any change in the access they have and will only need to register their devices whereas others will need to update their FSP details or login details. This is to ensure that the disclosures in their quotes and research reports clearly identify them.
“Changes to regulation in the industry require us to do our part to support advisers during the advice process.”
“More responsibility will be placed on the Financial Advice Provider to ensure that the advice process is followed, and these changes will assist them in this process,” said Rafe.
He added the use of independent research will be an important tool for advisers when providing advice.