Agents urged to comment as Government-backed digital ID system nears
The MyIdentity scheme offers new build buyers one verification process instead of multiple checks.
A national digital scheme designed to reduce the number of identity checks for buyers of new build properties has moved a step closer.
And now agents are being asked to give their views on the MyIdentity project that promises to make the whole verification process simpler and quicker.
Each buyer will only have to produce ID documents once instead of doing it multiple times to agents, conveyancers, mortgage brokers, lenders and developers.
MyIdentity will be compliant with anti-money laundering legislation, and will be transferrable from one purchase to another if a buyer changes their mind about the property they want.
The Government has backed the scheme, which meets the requirements of the digital ID framework set out by the Department for Digital, Culture, Media and Sport.
Etive Technologies has developed MyIdentity® working closely with the Home Builders Federation (HBF). There is a consultation ending this month (see link below) before revised standards are written in February and a trial launched in March.
High friction
Stuart Young, MD at Etive, told The Neg that MyIdentity will benefit agents by ensuring they comply with AML rules and process each transaction more quickly.
“For the customer this [ID checks process] is a high friction point, and this is about making the process quicker for them. It will also identify any potential issues early in the process.”
Steve Turner, director of communications at HBF, agreed: “We want something that is workable for everyone involved, giving the smoothest possible journey for customers.”
He said agents make up a key part of the ID process, and it is important they are involved in the production of MyIdentity®.
Agents can give their views on MyIdentity here and the deadline is 30 January.
