Origo, the eCommerce standards and services body for the financial services industry, today announced that AJ Bell has become the latest platform provider to join its Options Transfer service - making it the 26th organisation to become involved.
Origo first launched the Options service in late 2008 to accelerate pension transfers at the annuity stage. The service was subsequently extended to include pension-to-pension transfers and will be offering re-registration from next month. Thanks to Origo's Options service, what was once a manually-intensive, paper-based and costly process is now an efficient, secure, online service, handling tens of thousands of transactions. Origo has extended Options to facilitate re-registration as well as cash transfers and is enlisting the help of SIPP and platform providers to conduct testing of the new facility.
Paul Pettitt, managing director of Origo, commented, "It's great to have AJ Bell on board as the latest platform provider to join Origo's Options Transfer service. Since its launch in 2008, the success of Options has enabled the industry to significantly reduce transfer times, helping deliver on providers' and platforms' commitment to Treating Customers Fairly (TCF). An 80% reduction in transfer timescales coupled with our experience in industry collaboration puts us in good stead as we prepare to extend Options to facilitate re-registration."
Eddie McGuire, Client Services Director at AJ Bell commented, "Joining Origo's Options Transfer service will help us as we continue to put top quality service at the heart of our business. As one of the largest providers of low cost, online investment platforms and stockbroker services in the UK, our joining of Origo's Options service will further streamline our business processes."