View more on these topics

Boost for Options’ transfers as 40% completed in seven days

Open market option transfers using the Association of British Insurers’ Options’ initiative increased by 70 per cent to 12,000 last year, with almost 40 per cent of transfers completed in under seven days.

Omo transfers took an average of 11 days in both Q2 and Q3 of 2009 and stayed at 11 days in the fourth quarter.

Options has reduced pension-to-pension transfer times from an industry average of 36 days. Since the initiative launched last August, nearly 6,000 pension transfers have been completed and eight providers are now live for pension-to-pension transfers.

Sixteen providers are using Options for Omo business. Abbey Life and Windsor Life are expected to go live by the end of next month. Zurich has yet to sign up.

ABI director of life & savings Maggie Craig says: “Options has made an enormous impact in its first year and these results demonstrate that success.”

Directly Financial director Stuart Bayliss says: “There is no question that life is better with Options but the delays in informing IFAs if a case is non-Options cause problems and firms that are not live need to get on board.”

Recommended

Free ifs roadshows mapping out the route to RDR success

The ifs School of Finance will be running a series of retail distribution review regional roadshows in late March to offer advice to people working towards QCF level four. The sessions will outline the qualification requirements for the RDR and will look at top-up continuing professional development elements and the full range of support available […]

People on the move: Life and pensions

Aegon has appointed Adrian Grace as chief operating officer for life and pensions. Grace joined Aegon in January 2009 in the newly created executive role of group development director. He previously worked at HBOS and Barclays. The firm’s chief risk officer Mark Laidlaw has been given a new role in Aegon’s global operations in The […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com