Origo, the standards body for e-commerce in the UK financial services industry, has launched the first ever industry online agency registration service for advisers.
The service enables directly authorised adviser firms to set up trading relationships with multiple product providers via one electronic application.
The current mainly paper based agency registration process requires advisers to complete a separate agency registration for each product provider they wish to do business with.
This can be a very time consuming process for advisers with a large amount of duplication as they complete multiple forms.
The Adviserwise Agency Registration Service allows advisers to complete one, secure online application that is validated for errors, which can be saved to be completed at another time or be re-used.
It also allows advisers to quickly and easily view and sign up to the terms of business of all participating product providers.
Ross Dunlop, sales e-commerce manager at Standard Life, said, "Launching this industry online agency registration service is a major breakthrough for advisers and service providers, saving them considerable effort when setting up business relationships with the many product providers supporting the service."