Scottish Equitable is issuing IFAs with a CD-Rom aimed at helping them meet regulatory standards on sales of income drawdown and phased retirement plans.
The CD-Rom contains an electronic application form and helps the IFA check whether the sale is compliant.
ScotEq says the CD-Rom is the first of its kind on the market and is being launched at a time when it predicts a big increase in drawdown business following the publication of the Inland Revenue's final personal pension transfer regulations. The rules will allow transfers to be made between drawdown plans for the first time.
The life office believes the CD-Rom is the closest an IFA can get to a complete compliance trail. As the IFA works through the sales process, the system validates each stage to ensure no information is missing. If the system picks up any gaps, it prompts the IFA to check the sales process is complete and compliant.
During the first stage of the process, the IFA completes an electronic questionnaire with the client to decide whether drawdown, phased retirement or an annuity is most suitable.
A report is then produced for the client and the correct application form is selected.
ScotEq says the product has received positive feedback, with the Berkeley Independent network recommending it to members.
Director of business development and marketing Ken Hogg s
ays: “We have developed this adviser support system following detailed research into what IFAs need to help them conduct business in this market. Ensuring a solid compliance trail was highlighted as one of the key IFA concerns.”