Advisers must have the relevant MI in place for the FSA's March 31st deadline and be able to show they consistently ‘treat customers fairly’ by the end of December 2008. The new Adviser Office system is designed to satisfy many of the six core principles of the TCF regime and to help firms evidence their adherence to the required business procedures.
Paul Yates, propositions and business development director of The Exchange and 1st, comments:
“It may sound like a very bold statement but we believe that without the proper use of technology, adviser firms will be unable to report on the FSA requirements around treating clients fairly. We have worked with many intermediaries on our training courses that are initially very nervous of how to evidence their business procedures to the required standard. But using the new AO6, integrated with the Exweb portal for quotes and new business, it’s very easy now for technology to support advisers in creating the required data and evidence a solid and robust business process.”
Key New Features in Adviser Office 6
- Treating Customers Fairly
- Scottish Widows Update Link
- SIPP Enhancements
- Pension Enhancements
- Fees Enhancements
- Estate Planning
- Value Based Commission
Scottish Widows valuation update link
Scottish Widows has upgraded its valuation link to the latest Origo 2.0 standard. This will lead to increased product coverage, including support for the Scottish Widows Flexible Investment Bond and Retirement Account.
Colin Watt, head of digital communications, Scottish Widows, comments:
“Updating our links to Adviser Office users was a key objective for us. We are aware of the importance of e-services being provided to our customers which allows them to provide timely advice and information to their clients. We are committed to making it easy for intermediaries to do business and manage their business with us."
AO6 includes additional functionality for use with SIPPS, pensions and income drawdown as well as several key enhancements to the fees and commission services:
SIPP Enhancements
A review of Adviser Office SIPP functionality established three main areas for enhancement:
- SIPP portfolio reporting
- Handling commission and fees relating to SIPPs
- Recording income drawdown
In addition to the enhancements made to all pension scheme types, portfolios and plans, summary screens have been added to SIPP Plans, allowing users to benefit from recording all client holdings within a single client record. This development will streamline SIPP management and administration processes and allow better income management and reporting.
The new AO6 system will be rolled out to the 13,500 users from today.
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