Connect for Intermediaries is rolling out an AI-powered compliance platform across its network of more than 350 appointed representative firms following a partnership with Curvestone AI.
The agreement will allow the network to automate mortgage and protection case-file reviews, reducing the time required for compliance checks and potentially enabling every case to be examined rather than relying on sample-based monitoring.
Curvestone AI’s technology is being integrated with the OMS customer relationship management system, allowing compliance teams to review case information without transferring data between platforms.
According to Connect, a comprehensive manual compliance review typically takes between two and three hours, depending on the complexity of the case. The introduction of the AI system has reduced this process to minutes.
The network expects the efficiency improvements to free up compliance staff for other activities, including adviser coaching and training.
ADVISER PRE-CHECKS PLANNED
A further stage of the integration will enable advisers to conduct preliminary compliance checks before submitting cases for formal review, potentially reducing the need for subsequent amendments.
Curvestone AI’s platform is designed for regulated financial services businesses, including mortgage intermediaries, networks, lenders and wealth advisers. Its applications extend beyond mortgage case reviews to financial promotions monitoring and financial crime controls.
The technology also creates an audit trail for each case, providing evidence of the checks undertaken and their findings.
Liz Syms, chief executive of Connect for Intermediaries, said: “As a network, we need to compliance file-check the mortgage and protection cases that all the firms do with a full check taking a human typically two to three hours to complete, depending on the complexity.
“Using Curvestone has brought that down to minutes, allowing our team to spend more time on high-value items such as coaching and training.
“In addition, the integration with OMS has improved that efficiency even further, as it saves the team having to transfer the information into Curvestone’s own system.
“Going forward, the OMS integration will also facilitate the ability for advisers to do pre-checks of their own before cases are sent to compliance for file reviews.”
Dawid Kotur, founder and chief executive of Curvestone AI, adds: “This partnership with Connect perfectly demonstrates the network use case for our proposition and shows how by using us via a CRM system like OMS, we can save both the network and AR valuable time without sacrificing quality and overall compliance.
“This is the first phase of our on-going work with Connect and we look forward to being able to announce enhancements in the coming months as the roll-out finishes.”
