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Standard speeds up pension service for intermediaries

Standard Life is offering a new service for intermediaries that will allow them easier access to their clients&#39 group and individual pension scheme details.

Intermediaries will have access to a new area of the Standard website where they will be able to order information on an individual client.

Standard says advisers will be able to select the type of file they want and will be sent an email when the file has been found. They can then log back on to the site within 24 hours and download the information. It will include details of valuations, fund allocations, payment details, policy status and fund breakdowns.

At present, advisers request this type of information from providers by calling or emailing but the length of time for providers to respond makes it difficult to keep clients up to date with the value of their investments.

The Financial Technology Research Centre estimates that electronic servicing could save at least £2,000 a year per registered individual .

Standard sales e-commerce manager Billy Burnside says: “This should significantly help advisers reduce admin time and enable them to offer clients a better service. Our commitment to help support IFAs and encourage them to use e-commerce more is fundamental to our business objectives.”

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