Contract Enquiry enables IFAs to request and receive valuations electronically either through a portal or direct to the firms back office software. To manage the risks and liabilities associated with this service, Origo has developed a standard legal framework, which deals with security and contractual issues around the electronic transfer of data.
As with UNIPASS, the Association of Independent Financial Advisers (AIFA), commissioned lawyers to review the contracts that IFAs need to sign. By implementing a standard framework agreement that can now be used by all parties within the life and pensions industry, this reduces the time and costs involved in negotiating individual contracts with providers, as well as ensuring a consistent approach across the industry.
Linda Chandler, AIFA's technical officer, said: "According to feedback from IFAs, Contract Enquiry is an extremely valuable service. It is therefore vital that if the industry is to fully embrace e-commerce that we make the administration of such services as simple and straightforward as possible."
In order to develop the Legal Framework, Origo began consulting with the industry in 2003. During the project Origo has worked with providers, portals, networks, IFAs, AIFA and PI brokers to ensure that the framework meets everyone's requirements.
Paul Pettitt, managing director of Origo, said: "It is important that we make the application process for all services as quick and easy as possible for IFAs, portals and providers. Our aim is to enable standards-based services that make life easier for people working in the UK life and pensions industry. By creating a standard framework this will save everyone a great deal of time and money."
To access the AIFA report which provides more information on the Contract Enquiry Legal Framework visit: AIFA's web site: www.aifa.co.uk.
