The ABI (Association of British Insurers) is set to launch a new industry-wide electronic information exchange in December which should help cut OMO payment times to an initial 30 days.
Options (Open Market Pensions Transfer Service) is the industry's reponse to the damning FSA Review of the OMO in July. It found delays in open market option annuities payments in 60% of the 283 cases reviewed and called on providers to show they were taking action to cut delays by its December TCF deadline. The new system has been developed by Origo, the financial services e-commerce body, with input from 13 providers representing over 90% of the annuities industry. Its aim is to reduce the time it takes providers to transfer information and funds between them required to set up an annu...
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