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Skandia to stop accepting paper applications via platform

Skandia is to stop accepting paper new business to its Selestia Investment Solutions Platform from January.

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.


Disappointment at lack of distinction

Whitechurch network managing director Ian McIver says the QCA level four benchmark set for all investment advisers regardless of whether they fall under independent or sales advice is disappointing. He says: “If they are saying that the starting point for both those circles is the same, then that is disappointing because what ‘independent’ needs is something to distinguish itself.”

Channels could lead to rise in FOS cases

The FSA’s decision to introduce independent advice and sales advice channels could lead to an increase in the number of cases referred to the Financial Ombudsman Service, warns principal ombudsman David Thomas.


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