Scottish Life offers information download from its internet site
Scottish Life is offering a bulk data request service, on its intermediary website, www.scottishlife.co.uk.
The service is aimed at allowing advisers to transport large amounts of data from Scottish Life's systems directly into 1st Software ' an IFA back office system. This would eliminate the need for IFA administrators to manually key information for a group pension arrangement and its members.
No special equipment is needed to access the service so long as advisers have an IBM compatible, web-enabled computer running Internet Explorer 5 or above with a high-speed modem and a software application such as Microsoft Access or Excel.
The development is available for all registered users of the system, enabling them to conduct more of their day-to-day business electronically, saving time and money, according to Jim Smith, Scottish Life's Head of E-Business.
He said: 'In the current pensions environment, administration and distribution increasingly need to be electronic. This latest development is simple but extremely effective, helping advisers to save time and money ' essential factors in the 1% world.'
Intermediaries can also store their [email protected] ID and password within the 1st Software database, allowing them to select a desired Scottish Life policy and be taken directly to the specific policy records required, with no need to log in or navigate to the required information.
Another addition to the site, to be made available in December, is the ability to provide intermediaries with real time fund information for client's records held on the 1st Software database. This development enables fund enquiries to be made directly to Scottish Life's own records, based on real time payment and fund information.
Meanwhile another development in technology services has been initiated by online transaction portal, bfinance.
Bfinance enabled Bristol Municipal Charities' (BMC) to place its balanced advisory fund management mandate for tender with over 300 European financial institutions. From the responses received, BMC was able to select the most beneficial proposition.
The service is aimed at saving time by eliminating the need to produce multiple tender documents and allowing for increased competition by including more institutions in the tendering process than was possible in the past.
In light of recent legislation affecting the responsibilities of charity trustees and the way portfolios are managed, David Jones, chief executive, BMC, decided to re-evaluate the existing management of the charity's assets.
Jones said: 'Some 25 fund managers were invited to tender and we received bids back from 11 within two weeks. The level of response was excellent. We certainly would never have had the time to enter into discussion with this many institutions individually.'
Throughout the tendering process, bfinance provided BMC with information relating to each bid, enabling them to make a decision on which fund managers to shortlist.
Four companies were invited to make further presentations and following this Gerrards was selected.
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