CBPF: accurate client data

8 April 2020

The team at Close Brothers Premium Finance (CBPF) have issued an update for brokers, which we wanted to share with you as a Compass member:

As a financial services business, we need to ensure we continue to meet our regulatory obligations, along with ensuring that we hold accurate client data to improve our processes and service to you and our clients. In order to help us achieve these objectives, we will require additional information from some of your clients to improve the client on-boarding process and make it more efficient.

 With effect from 7 May 2020, when loading a new finance request on i-prompt for a client who has a trader type of either a Limited Company or a Limited Liability Partnership, you will be requested to input a valid Company Registration Number (CRN). By entering a valid company registration number, it will enable us to speed up the process of identifying and verifying these clients.

 Attached is a guide showing the new CRN field that will be added to i-prompt. This new field will need to have a valid CRN, to enable us to more easily identify and verify the customer and complete our on-boarding checks. If the format of the CRN is invalid, an error message will appear (as shown in the attached guide). When making mid-term changes to an existing client record, you will also be asked to input the CRN.

 These changes are only applicable to finance requests submitted via our i-prompt system. If you use an integrated platform to transact with us, we are working with your provider to make these changes and will provide relevant updates to those impacted in due course.

 We would like to remind you that it is important to provide us with correct and accurate information, as this will speed up the authorisation process and payment to you. This will ensure our clients obtain their finance efficiently and without delay, and enable us to offer the best possible service to you both. If the information is incorrect, this will result in a delay to authorising the finance request.

From 22 May 2020 we will be enhancing our client data validation via i-prompt. Should you make any changes to customer details, if the client’s forename or surname are invalid, contain incorrect characters or are incomplete, you will be prompted to update them. Within the guide we have included the details for inputting valid client data.

Should you have any queries regarding this communication please contact your sales manager.

Kind regards,

Steve Wallis
Commercial Director

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