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Friends challenges firms to match one-day admin

Friends Provident is throwing down the gauntlet to pension

competitors, saying only those able to get paperwork out to clients

within 24 hours can claim true end-to-end processing capability.

The company says IFAs can tell if a product provider&#39s claim of

straight-through processing is correct by being able to send policy

documents to members within a day of application.

It says that because of this capability it is able to set up a scheme

in an afternoon and have the paperwork to the customers the next day

beating many rivals which can take weeks to process applications..

Friends says changes to stakeholder rules introduced in November

20001 mean electronic applications can now be made by employers on

behalf of their employees without signatures assisting this


Propositions manager Katherine Photiou says: “If you cannot get your

data out to your clients overnight then you cannot say that you have

straight-through processing. Streamlined processing has replaced the

application form.”

Norwich Union head of individual pensions Ian Buckle says: “We have

just completed a pilot of signature-free applications and are now

rolling out the service.”

Thomson Online Benefits director of strategic alliances Chris Bruce

says: “Friends do have good technology but getting a policy document

out is not the only basis to judge end to end processing. End-to-end

is a process where the employer and provider do not have to touch

paper at all.”


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M2 starts the buyout ball rolling with Real

IFA M2 Financial is making the first in a series of IFA buys which ithopes will make it a leading national player in the professionaladvice market.It has bought Nottingham IFA Real Intelligent Financial Advice for anundisclosed amount. It has seven RIs and a £500,000 annualturnover.The acquisition brings M2&#39s total RIs to 17 and is the […]

Double vision

Is the Consumers&#39 Association acting with double standards with itsendowment misselling campaign by ignoring its own advice supportingthe products in its Which? publication of April 1988?Smith: The mortgage market has changed enormously over the last 15years. While endowment mortgages were popular then, repaymentmortgages are now the most popular type of loan. In its heyday, manycommentators […]

Axa calls for pension tax breaks for the young

Axa is calling for improved tax incentives for young people to increase retirement funding amongst those who do not save.In its response to the pensions Green Paper Axa also attacks the complexity of the state system that comprises basic state pension, state second pension and Pension Credit.Axa head of pensions marketing Steve Folkard says: “It […]


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