By Kirstie Redford An exclusive agreement set to enable IFAs to buy and sell traded endowment...
By Kirstie Redford
An exclusive agreement set to enable IFAs to buy and sell traded endowment policies (TEPS) via intermediary portal Exchange FS, has been announced between electronic exchange system the TEP Exchange and Exchange FS.
The TEP Exchange claims that unlike other traded endowment services that rely on fax and email to transact business with TEP market makers, it is the first service on the market to offer instant online deals.
The system holds all policy details on a central platform, speeding up the process, meaning customers are not left waiting for a reply. According to the company, because the process is so streamlined, TEP market makers can offer potentially higher prices than they would via traditional paper based or e-mail processes. This should, in theory, enable IFAs to achieve more competitive prices for clients when buying or selling TEPs.
Chris Baker, director of product marketing at Exchange FS, said: "It was essential for us to provide our IFA customers with what we believe to be the most advanced TEP dealing platform on the market, enabling them to trade their clients' endowment policies online with leading TEP market makers."
Ami Weitz, marketing director at the TEP Exchange, added: "For IFAs to offer their clients best advice they need quick, easy access to TEP quotes. By integrating our service with Exchange FS we are putting our service in front of nearly 15,000 IFAs, dramatically increasing the reach of the TEP Exchange in the IFA market."
The service is to be made available to all Exchange FS customers free of charge via a TEP centre on Exchange FS.
