Friends Prov to alert advisers of policy alterations
Friends Provident has enhanced a data service that will inform advisers by email when changes are made to policies held by their customers.
The service, Event Manager, will provide alerts when details of a policy change such as missed payments, lapsed policies, the changing of direct debit details and consumers cancelling from inception. The service will also indicate when customers change their contact details.
Event Manager is designed to support advisers in their Treating Customers Fairly obligations and will provide evidence highlighting the necessary steps to keep clients informed post sale.
Steve Young, eBusiness manager at Friends Provident, said the service would offer a "valuable dimension" to the relationship between clients and advisers.
He added: "Clients may not appreciate the full impact of missing a payment or cancelling their policy, and if they haven't sought financial advice it could prove detrimental to their financial planning arrangements. Our alert service ensures that advisers are fully aware of everything that's happening on their Friends Provident book of business and arms them with valuable time and insight to take proactive steps."
Advisers will be able to choose the frequency they receive the data reports that will be provided in.csv, meaning it can be opened and read in Microsoft Excel or imported into advisers' back office systems.
The provider said it hoped that the new service would help support financial advisers in the current challenging market conditions.
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