Eurolife Assurance is to launch a third-party administration service for Isas. The service will be t...
Eurolife Assurance is to launch a third-party administration service for Isas.
The service will be targeted at life assurers, fund management groups and the larger IFA firms. It can be used either on a regular or project-specific basis.
David Wooten, director at Eurolife, said: 'The service will largely involve Isas or single premium bonds, mainly the sort of products we do ourselves. The service is perfect for groups that only want to come into the market on occasion, to do a Dublin Isa for example.
The service is part of the same systems platform that runs Eurolife's Pep consolidation business, which should be operational this month. The software is Eurolife's own which has been developed over several years and recently upgraded.
The Pep Consolidation Company, the launch of which was originally scheduled for earlier this year, will allow IFAs' clients, but not direct investors, to switch their Pep portfolios, which may be divided between many management groups, to a single consolidated Pep, while retaining each individual holding.
Unlike moving into a fund of funds, there will be no buying or selling so clients will not be charged for switching. The holdings simply move from one nominee account to another. Clients will pay 0.5% a year of their asset value for the service. The client will obtain one Pep holding and receive one consolidated Pep statement every six months.
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