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Platforms pose cost problem

Institute of Financial Planning chief executive Nick Cann has warned that advisers who move clients on to platforms without improving service could face the wrath of the FSA.

He says advisers must provide ongoing service with regular reviews or there is a danger that customers will end up paying more for the same service.

He says: “Moving to a platform provides business efficiencies but advisers must ensure that the value of this saving is delivered to the client. To just- ify this under TCF, the adviser must be offering an ongoing service.”

Transact head of marketing Malcolm Murray says: “In the worst-case scenario, the additional cost to a client for being on Transact would be 0.35 per cent but any additional cost must be justified.”

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Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

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