Novia has signed up to Origo’s Options Transfers service to facilitate increased efficiencies for pension and investment asset transfers for clients and advisers.
Origo is the eCommerce standard and services body for the financial services industry. Options was launched in 2008 to create efficiencies for individuals exercising their Open Market Option (OMO).
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The Options service has since been enhanced to also support pension-to-pension transfers, as well as asset re-registrations, making it the only complete transfer service capable of undertaking both cash and in-specie transfers across the pensions market.
Each month, 40,000 transfers are processed by Options on behalf of customers and it currently has some 65 brands on the service.
Nick Raine, Head of Operations at Novia said: "Origo have a fantastic reputation in the market for providing real business efficiencies for both adviser firms and platforms when it comes to asset and pension transfers."
Raine continued: "At Novia we are constantly assessing ways to enhance the adviser service experience through use of technology and having reviewed the Origio Options service, we are excited to be integrating with them to reduce transfer times and provide a more comprehensive service to our client base."
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By GlobalDataPaul Pettitt, Managing Director of Origo, said: "We are absolutely delighted to welcome Novia to the Options Transfers service, demonstrating the industry’s faith in the Options service and reinforcing the value that it brings to the market.
"Options has efficiently made over £60 billions’ worth of transfers since launch, while reducing the average transfer time by 80%. It is the fast and efficient transfer of pensions and assets that fits both TCF and RDR principles by always keeping the client centre of mind."
