Origo, the standards body for e-commerce in the UK financial services industry, will add time-saving administration functions to its agency registration service by the last quarter of the year.
Origo launched the agency registration service, an online service for directly authorised advisers, in January. The service helps advisers establish trading relationships or agencies with 12 product providers using one application.
By the end of the year the service will allow users to capture, validate and submit agency administration requests such as for new agency codes, leaver notification and change of address and bank details.
Origo says the features will make processes quicker and more secure than existing paper, fax or email processes. Users will save time by avoiding errors, incomplete information and follow-up phone calls to providers.
The service will also help mergers and transfer of ownership requests, which Origo says often cause delays and issues involved in awaiting evidence submissions.
Paul Pettitt, managing director of Origo, says: “The agency administration service builds upon the success of agency registration, providing advisers with a one-stop-shop web service and helping the industry as a whole progress to straight through processing.
“Developments in agency administration are a major focus for Origo this year and the participating product providers are keen to progress with this project to prevent losing the momentum already established with agency registration.”
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