Perpetual has updated its internet service to allow customers to open Isas and get Pep and Isa valua...
Perpetual has updated its internet service to allow customers to open Isas and get Pep and Isa valuations online.
Customers can use Switch or Delta cards for payment and the company is trying to get around technical and legal matters surrounding the requirement of an initial signature from clients for regular premium policies.
Geoff Probert, Perpetual's information systems director, said he did not see the direct nature of the service competing with IFAs but said the company would have to support all channels demanded by consumers.
IFAs can still claim commission if the customer is already a client.
Probert said the service will help to cut down on administration. He said: "The classic question that uses up most of an IFA's time is a client saying: 'What's my policy worth?' This service will remove one of the burdensome chores clients go to their IFA for."
Probert said Perpetual also plans to add features focused on IFAs when it introduces its next phase in mid-September. IFAs should be able to get Pep and Isa valuations as well as unit trust and pension fund valuations.
He added Perpetual was a big supporter of Autif's EMX scheme, launched last Monday.
Perpetual's current online service will have a delay of 10 business days between a customer registering and being able to see valuations or transact online in order to ensure the administration process has been undertaken, including the sending of key features documents and contract notes.
The system uses forward pricing and customers will be notified by letter and contract note of their successful transaction.
Emails will not be used as the group believes they are not yet deemed secure enough.
Perpetual will be informing Pep and Isa holders about the service at their next mass mail-out towards the end of July but Probert said the site has already had around 500 people registered to use it.
The group's site is located at www.perpetual.co.uk.
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