James Hay goes live with Unipass Digital Authorisation for Letters of Authority
James Hay, part of Nucleus Financial Platforms, one of the UK’s leading, independent, adviser platform groups has partnered with data tech provider Origo on its Unipass Letter of Authority (ULoA) service.
A paper from consultancy the lang cat in Q3 2022 shone a light on poor processes. One of the headline findings, and one that advice professionals were most frustrated with, was that letters of authority took far too long to process and were a major cause of concern.
The Unipass service, which will be live on the James Hay platform on 3 July will significantly improve the Letter of Authority process for both advisers and their clients. Using the service, the entire Letter of Authority process will be completed in a fraction of the time it takes currently. It also allows advisers to track the process from start to finish, allowing them to keep the client fully informed as well as providing a higher level of security and GDPR compliance.
Steve Knight, Customer and Business Operations Director at Nucleus, said: “As a platform our main purpose is to help improve the adviser experience and we are constantly looking for ways to invest in and improve adviser interactions. This is a fantastic example of how we can do this. Origo’s digitised solution transforms the current process, providing a faster more client friendly service which in turn allows advisers to spend their time on more value-add support for their clients. We’re working on bringing the same efficiency to the Nucleus platform soon.”
Anthony Rafferty, CEO at Origo, said: “We are delighted to welcome Nucleus with its James Hay platform as a user of Unipass Letter of Authority. This is a service that financial advisers have had at the top of their wish list for a number of years as a key way to improve their onboarding service, as evidenced in two comprehensive reports from the lang cat*, where the current process was highlighted as a major source of frustration for advice firms and their clients.
“With Consumer Duty requiring companies to look at every aspect of their business to ensure good outcomes for consumer’s and avoid foreseeable harm, providers are quickly realising the benefits Unipass Letter of Authority delivers for them, advice firms and the end client. We expect to see more companies turn to technology to help them address the pain points in their processes and to ensure their service levels deliver against the new rules.”
You can download a PDF of the press release here
For further information please contact:
For James Hay:
Linda Harper
Nucleus Press Office
07876 145 309
For Origo:
Rob Kingsbury
KGR Media Services
07900 931 305
* Source: Papers from the lang cat - A Disconnected World: The Adviser’s Reality, and A Fragmented World
Notes to editors:
About Nucleus
The Nucleus Financial Platform Group offers investment platforms that help make retirement more rewarding. Our two platforms are run exclusively for financial advisers, with over 160,000 UK customers.
Renowned for its SIPP expertise, James Hay Partnership has been working with larger financial advisory groups for more than 40 years, providing the means to administer pensions, savings and investments in a cost and tax efficient way.
Our award-winning platform Nucleus was acquired by James Hay in September 2021. It was founded in 2006 by advisers committed to altering the balance of power in the industry by putting the customer centre stage.
Nucleus is the name of the combined business and together it’s already one of the UK’s leading, independent, adviser platform groups, with approximately £44 billion** in assets under administration.
To find out more visit: www.nucleusfinancialplatforms.com
** Source: the lang cat Platform Market Scorecard Q1 2023