Independent Financial Adviser & Broker Screening (IFA)| Synectics

KEEPING ON TOP OF THE SURGE OF NEW ENTRANTS TO PROTECT YOUR BUSINESS

The advent of Open Banking and advanced Fintech solutions provide many more sales opportunities to brokers and Independent Financial Advisers (IFAs), and there have also been thousands of new entrants to enabler communities since the introduction of sweeping reforms to pension regulations and the roll out of workplace pensions.

Many providers are still reliant on paper based or spreadsheet systems to screen and validate their network of enablers and to ensure that they are appropriately qualified and compliant - which are prone to human error and pose significant organisational challenges when managing the workflow.

GROWING NUMBERS OF ADVISERS

Regulatory returns indicate a total of 25,951 advisers as at the end of November 2017.

EXPOSURE TO RISK AND POTENTIAL FRAUD

Fraudsters are seizing on new opportunities presented by the new ways financial products are presented and managed.

COMPLIANCE AND REGULATIONS

The FCA requires that firms must have robust governance, risk procedures and internal control to manage financial crime risk.

EFFECTIVE SCREENING SAVES TIME, MONEY AND REDUCES RISK

Synectics Solutions has more than 25 years of experience in tackling fraud, improving data and sharing knowledge to inform organisation’s approach to risk. We can help you to integrate a breadth of data sources with your own in order to inform the processes and practices used to not only mitigate losses but prevent them.

We work with our clients to understand their specific challenges and identify or develop the right solutions and systems to address them. We work with our clients who manage brokers, IFAs and third-party enablers to help them ensure they carry out the relevant upfront checks to safeguard their business against fraud and risk.

Independent Financial Adviser and Broker Screening

Simplify and enhance the process of boarding Independent Financial Advisers and brokers by utilising the complex workflow management and data matching services of SIRA. This service allows you to complete comprehensive and seamless up-front checks, in real-time to ensure new IFAs and brokers do not pose a risk, by screening against a multitude of data sources. Data includes; National SIRA – a leading syndicated database of known fraud cases, criminal intelligence, deceased data, asylum seeker information, sanctions and politically exposed persons data, commercial and director data and identification and verification intelligence.

Real-time

Response

Actionable information provided in real-time to create a seamless customer journey.

25 years'

Experience

We have over 25 years’ experience of working with the financial services sector to help them address their data management and risk mitigation challenges.

£3 BILLION

Saved for clients

We have helped our clients prevent over £3 billion in losses to financial crime.

Boarding new and previously unknown IFAs and brokers comes with an inherent risk to the business in terms of potential exposure to fraud. Stories abound of policies being incepted on non-existent customers, non-payment of premiums, mis-selling and more stemming from rogue IFAs and brokers interested in making short term fraud gains across multiple providers before disappearing with the funds.

Read the case study

CONTACT US

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Independent Financial Adviser & Broker Screening

INDEPENDENT FINANCIAL ADVISER AND BROKER SCREENING