National IFA Inter-Alliance has gone live with a fund supermarket to rival fund management giant Fidelity.
Fund Store offers information from more than 300 providers but, to date, just 10 of these offer fully online transactions.
Access to the other providers is limited to downloading application forms.
The store, launched last Friday, is the latest step in the company's plan to become a complete “e-commerce marketplacef#34 and leading e-IFA. The next move will see mortgages go online within five weeks followed by pensions and general insurance.
There are 2,200 funds in the fund store and this should increase to 5,000 within three months as it expands to include offshore funds.
Funds bought online carry no initial commission or administration fee. Inter-Alliance says this can increase the value of the initial investment by 5.25 per cent.
Store visitors are given the option of independent financial advice.
The Fund Store was developed after research forecast that 600,000 consumers would be buying and selling funds online by 2004. The store follows a link-up between Inter-Alliance and Freeserve. The IFA's Isa centre is available on Freeserve. The store can accessed on the net at www.inter-alliance.com.
Inter-Alliance chief executive Stuart McGreevy says: “The Fund Store provides the consumer with comprehensive investment performance and fund information which allows them to make an informed choice and select a fund which suits them. The consumer can decide whether to transact online or contact a qualified IFA.f#34