From the new year, all new business will have to be submitted electronically.
Skandia says lower costs due to the platform’s online functionality are one of the reasons it was able to remove front end margin in September.
Head of proposition marketing Peter Jordan says: “Opting to take only online new business submissions is a natural step to streamline processes.
“It makes perfect sense for the industry to use the technological advances we’ve seen over the last decade to improve administrative efficiencies and make cost savings for both advisers and providers, which in turn will benefit consumers.
“The reward for embracing modern technology is a platform with a simple charging structure that can be explained to clients in just 30 seconds.”
Skandia says there are some exclusions where processes are yet to be automated or additional paperwork is required and these are listed below, including power of attorney, corporate and trustee pension cases, re-registration of the collective investment account and applications for the offshore collective investment bond.