RELATIONSHIPS WITH IFAS AND MORTGAGE BROKERS

All IFAC clients are automatically enrolled in BATSOFTWARE.CO.UK. IFAC have strong links with BAT, which was created inside IFAC as a compliance tool, before spinning out into its own company.

The compliance tool aids communication for all the firms that IFAC act as compliance officer for. More on that below, but we had to separate the company BAT out when larger firms wanted the tools, but did not want the information flows to go to IFAC, and were happy to implement their own in-house compliance standards and protocols.

TOOLS FOR ADVISERS

The centre of BAT usage for IFAC is the CRM tool, which allows IFAC to check all or parts of the client firm new business, and either apply the AI file checker, or just pick out the files to check manually.

Then inside the same software the files are scored, remedial assigned if appropriate, then audited, signed off, and handed back to the adviser firm.

The promotion checker is a fantastic help and every day dozens of promotions are sent in for sign off. Using automation and manual sign off, the articles, adverts, podcasts and text are signed off, allowing the firm to reduce risk by offsetting compliance to a competent third party.

For the counterparty audit, this is game, set and match. A single view of compliance and audit, and up to 100% file checking.

99% of all IFAC advisers use the T&C tool in BAT. A very simple tool to serve up training, CPD and CASS status sign off.

The training can be assigned to teams, departments or individuals, and exams are automatically posted alongside, including newly generated questions that are never the same twice. Timers are placed on the tool, so managers can monitor performance across the team.

Got an adviser showing weakness in protection? Assign the protection training, with a single-line email and link to the test. You can set the passmark, the time spent allowed and the number of retakes allowed. The marking and CPD posting is automated.

If you work in compliance, don’t in-shore all compliance! That brings the risk in-house – like self-insurance, it saves money in the short term, but when it goes wrong, the consequences can be catastrophic.

Do your research, and then offset the compliance, just the same as anticipating mistakes and taking out indemnity insurance to match.

The CRM also acts as an adviser tool. Secure client storage, multi-case workflows, pre-sale AI checks on cases uploaded, secure client portal, quotation links to Yoti ID verification, iPipeline, Ignite, 27tec and more.

Users report that the system is easy to navigate, has configurable FF, Auto Suitability Report generator, calendar / task reminders and advice cases – enabling multiple sales at the same time using the same workflow.

                   batsoftware.co.uk