View more on these topics

Synaptic service to speed up IFA online applications to providers

Network Burns Anderson is pioneering software by Synaptic Systems which enables IFAs to submit new business application forms directly to product providers online.

Synaptic says the service, called the EZ new business application, will dramatically increase the processing speed of each application, freeing IFAs to devote more time to clients.

The system will initially be limited to investment bonds but term insurance will be added in October once the industry has agreed the Origo standard for the product.

Burns Anderson was chosen for the first stage of the system&#39s implementation because of its large amount of investment bond business.

Next month, the service will be rolled out to existing Synaptic users and IFAs free of charge. It currently has links with 6,500 IFAs.

Synaptic says IFAs can save time by using the system because there is only one dec-laration form and they do not have to go to providers&#39 websites to complete an application.

IFAs can hold a completed application in their laptop and complete it when they return to the office.

Burns Anderson network training manager Richard Howells says: “We are delighted to be taking part in this pilot scheme. It is tools like this which will free up our members&#39 time so they can spend more time with clients and less dealing with admin.”

Legal & General is the first provider to do business over the internet using Origo&#39s common internet trading standards through The Exchange service provider.

IFAs can electronically transact with-profits bonds by directly linking their back- office systems to the provider&#39s system via The Exchange using Origo standards. The system will soon be available on the Misys and Assuresoft portals.

Recommended

Revenue loses tax fight with converted societies

The Inland Revenue has lost a landmark tribunal ruling over the taxation of building society costs when they convert to banks.A tribunal found in favour of four former societies in their dispute with the Revenue over whether their conversion costs, such as legal and advisers&#39 fees, were tax- deductible.According to law firm Clifford Chance, the […]

Massow moves after gay business fears

Millionaire IFA Ivan Massow has defected from the Conservatives to the Labour Party amid speculation that Tory anti-gay rhetoric was hurting his business.Massow owns London-based IFA Massow Financial Services. He made his millions by selling insurance products to gay men and HIV-positive people who were refused cover from conventional companies.The high-profile former fund-raiser for the […]

AITC drive: &#39its&#39 or miss?

As the AITC&#39s “its” campaign moves towards its second year, the decision to slash the advertising budget and switch agencies has not sent out the message of success the AITC would have wanted.After an extensive £17m TV and billboard campaign, funded largely by AITC members, expectations were high in the investment trust industry.But the second […]

Variations on a theme

SD: Forthcoming launches may well remain focused upon the growth sectors of TMT although some European small company products could also vie for attention.GH: As technology was such a success in the first quarter of this year from a product provider&#39s perspective, I expect they will be considering their next theme-selling product. I would expect […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment