Skandia bins paper applications on Selestia

Skandia will outlaw paper applications for most transactions on its Selestia Investment Solutions platform from January 2009.

The firm says with paper applications fast becoming redundant, a ban will enable Skandia's proposition to remain highly competitive to advisers.

About 70% of advisers currently using Selestia Investment Solutions only ever submit business online, the company says.

However, Skandia cannot make a complete ban on paper, as a few platform processes are yet to be fully automated (see below).

"It makes perfect sense for the industry to use the technological advances we've seen over the last decade to improve administrative efficiencies and make cost savings for both advisers and providers, which in turn will benefit consumers," Skandia proposition marketing head Peter Jordan says.

These applications will require additional paperwork in addition to online processing:

• Collective Investment Account Irrevocable Account Designation Form
• ISA Transfer Authority Form
• ISA Re-Registration Authority Form
• Collective Retirement Account Transferring Scheme Authority and relevant Discharge Forms
• Collective Retirement Account Expression of Wish Form
• Collective Retirement Account Benefit Crystallisation Event Request Form
• Third Party Payer Form and Employer Payer Form

These applications are currently only paper based:

• All Power of Attorney cases
• All Corporate/Trustee/Pension cases
• Collective Investment Account re-registration
• Offshore Collective Investment Bond applications

Contact: Hysni Kaso - 0207 484 9793 - Hysni.Kaso@incisivemedia.com