Abbey has become the first offshore bond provider, through Scottish Provident International (SPILA), to offer an online illustration and application system that can process paperwork within 24 hours.
The Select offshore bond can accommodate UK authorised unit trusts; UK investment trusts; Oeics; Non- UK collective investment schemes and cash deposits. Advisers can now log on to SPILA's devoted adviser centre at www.spila.com and take clients through the online illustration of the product and then the application stage where quote data is pre-populated to improve efficiency.
Once the application form is completed it will be electronically transmitted to SPILA's administration systems where all re-keying of data is eliminated to maximise data reliability. Advisers can also print off data once it has been entered as evidence for compliance purposes.
Head of investment propositions at Abbey for Intermediaries, Andy Pennie said: "This is a simpler way for people to work online. By offering straightforward online illustration and application stages we will have a far more efficient process with improved data integrity."
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected