The year 2000 saw the dawn of the e-trading revolution for IFAs. New services emerged which over time will transform the way all IFAs do business.
As life and pensions prov iders embrace these systems, they are able to cut their costs and pass on these benefits to IFAs in the form of higher commission rates. Friends Provident, alongside many providers, has taken up this challenge. This year also witnessed a landmark legal bill which allows digital signatures to be used. Although the details still need to be ironed out, such as what the signature will look or sound like, the move marks a significant change in the way online business can be authorised.
Combined with new Origo standards and incredible adv ances in fresh programming languages, such as XML messaging, the signatures will speed up the new business process, eventually leading to simpler products for consumers.