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Website offers stakeholder admin for 50% commission

Direct-offer stakeholder website is offering IFAs

access to its online designation, admin and customer services in return for

50/50 split of commission.

The service allows intermediaries to outsource their stakeholder

designation and scheme population. is understood to be in talks with financial portals

to boost distribution of the service through the IFA channel.

The online service, which was established last year by DBS member

Nightingale Associates proprietor Michael Lockyer, offers access to

stakeholder plans from Norwich Union, Scottish Amicable, Clerical Medical,

Legal & General and Scottish Mutual through one back-office system.

Stakeholder schemes are set up and administered online while call centre representatives can deal with enquiries

from potential and existing scheme members although they are not regulated

to give advice.

As the service is effectively offered by another IFA, the range of

services offered to intermediaries using the service sidesteps FSA rules on

indirect benefits. These have previously dogged stakeholder product

providers&#39 attempts to offer extra services to IFAs.

Lockyer says: “We did a lot of IFA research to decide whether IFAs would

be prepared to pay for the service and decided the 50/50 split was more

appealing to advisers. We offer a complete fulfilment service, which

includes dealing with all the marketing material, and an 8am-8pm customer

service helpline for employers and employees. It is possible to set up

schemes for hundreds of employees in under half an hour.”


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