Equifax UK and The Access Group have announced a partnership intended to let employees share employment and income information digitally with lenders. Alongside this, the FCA’s Consumer Duty fair-value findings stress that firms need evidence of real customer outcomes, including for different customer groups, rather than relying on broad assumptions or product descriptions.
Digital income verification could reduce delays and manual document collection, especially for employed borrowers. Yet advisers using increasingly automated journeys should retain oversight of exceptions, consent and data accuracy. Firms should also consider how technology can help evidence Consumer Duty outcomes: for example, monitoring declined or abandoned cases, affordability stress points, customer understanding and whether particular groups consistently experience poorer outcomes.