View more on these topics

EMX plans to connect providers direct to employers

Autif&#39s fund trading platform EMX is exploring ways to diversify, with plans under discussion to use its software to connect product providers to employers.

It says the move will allow providers to make substantial cost savings by relaying messages electronically, allowing them to conduct business within the stringent charging structure of stakeholder.

EMX, the purchase, sales and valuation system for investment funds, says, with tight stakeholder margins, there needs to be an electronic messaging service which will let providers process information in a cost-effective way.

The system, developed for the UK fund management industry, could be used by product providers to get information about employee contributions for each pay period.

Once the cash arrives, the provider can verify electronically that the amount corresponds to the records received.

EMX says having an electronic system is a cheap way for providers to receive and process this information. It says an electronic system would have to be in place by April next year and estimates a system would have to be available for trial by the end of this year.

Chief executive Caroline Lee says: “If stakeholder is to be cost-effective, messages from employers to product providers must be processed electronically.

“As EMX is an non-profit-making system which already has strong links to product providers in place, it is in an ideal position to offer this service.”

Recommended

A Consumer&#39s View

The latest report from Opra ought to stir the Government into some sort of action.Once again, chairman John Hayes finds it necessary to reprimand pension scheme auditors and trustees for serious breaches of pension legislation. This should not be allowed to continue.Hayes says: “Production of the accounts and the role of the auditor as statutory […]

Skipton rewards membership loyalty

Skipton Building Society is giving its long-term members up to £1,000 in loyalty bonuses in a drive to show its commitment to mutuality.Mortgage and investment accounts holders who have been with the bank since September 30, 1996 will each receive an interest credit to a maximum of £500.Nearly 300,000 members including qualifying children will benefit […]

Egg losses increase

Egg, the internet bank reported a loss of £80.7m in the six months to June, bringing its total losses so far to nearly £295m. Losses were greater than expected by the online arm of Prudential. On the news, share prices tumbled another 5 per cent to 128p from 134.5p. This means the shares have lost […]

Guernsey-based Dresdner Private Banking has revamped its existing strategic investment fund

This is an open ended investment company (OEIC) fund of funds that invests in Dresdner funds that span a wide range of areas, from the FTSE 100 to North American companies to European and Japanese stocks. Designed for growth, the strategic investment fund is aimed at experienced investors.Previously, day to day administration was carried out […]

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