UK – E-business solutions provider, Aqera, has launched a commercially available on-line system, Collaborative Business Review System, which is specifically designed to help eliminate the mis-selling of financial products.

According to Aqera, the new system will reduce the risk of companies mis-selling products in an industry that has been beset by recent scandals, including the pensions mis-selling debacle, which cost the UK’s financial services industry more than £13bn (€21bn).

By using the new system, Aqera claims that companies will be able to review investment management methodology on a consistent basis as well as follow the Financial Services Authority's lead in taking a risk-based approach to compliance monitoring.