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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

capability.

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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