Anthony Rafferty, chief executive of Origo
Industry collaboration fintech Origo has launched whole-of-market provider coverage for its Unipass Letter of Authority (ULoA) technology.
The service gives advisers a single method for sending all LoA requests to any UK platform and product provider for free.
The company said the move has been developed with feedback from the industry and is part of a series of upgrades to the service.
It said the move makes submitting LoAs more efficient with one standardised information request form required for client data and policy details, which can be sent to multiple providers and platforms.
The company warned advisers to make sure that when they submit a LoA request, they include all the necessary information needed to process the request. That might include details about the client or specific financial products they’re asking the provider about.
The service includes a checklist for any specific data points advisers need, which is sent along with the LoA request to the provider(s). That should ensures the provider knows exactly what information the adviser is requesting, reducing the chances of missing or incorrect data, the firm said.
Anthony Rafferty, chief executive of Origo, said: “Bridging the gaps between advisers, providers and platforms has always been our focus. This enhancement makes the LoA process smoother and quicker for everyone involved.
“Having already taken steps to digitise and enhance security around LoAs, we listened to feedback from advisers and it became clear the missing piece of the puzzle was covering the whole provider and platform market, so that advisers can handle all their LoA requests on one easy-to-use system.”
He said streamlined digital processes are the future for LoAs “far from the onerous delays, frustrating phone calls and manual methods of the past. This is better for advisers, better for providers and, crucially, it also means better consumer outcomes.”
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