Password overload for IFAs

Amanda Jarvis

September 30, 2002

The online survey carried out by Origo, the standards body for the financial services industry, found that 42% of IFAs have to remember more than 15 passwords in order to carry out their business online. Just over 10% of respondents claimed that they have to remember more than 30 passwords to enter provider extranets. As a result, the survey revealed that currently only 4% of IFAs carry out more than half of their business online and 20% carry out none of their business online.

The survey, which was conducted at adviser.tech in London, the technology forum for the financial services industry, also showed that security is still a major concern for IFAs, with 79% of respondents advising that this was a very important element of e-commerce.

It was in response to this problem that in June, Origo launched UNIPASS, a standard digital certificate for every IFA in the UK, which eradicates the need for multiple passwords and user names. Free to IFAs and funded by providers, UNIPASS gives IFAs a secure, unique online identity. By signing up for UNIPASS, IFAs can access all the services they use on the internet with the use of one, simple ‘digital key’.

Garry Miller, general manager of Origo commented: “The survey results confirm what IFAs have been telling us – they’re fed up having to remember lots of passwords and user names. As an industry, we have to make e-commerce easy for IFAs if we’re serious about making inroads. UNIPASS will help as it is both easy and secure.”

UNIPASS has received backing from all the UK’s major life companies and industry portals. Prudential, Skandia and Norwich Union currently accept UNIPASS and it is also being adopted by 14 other major life companies including Standard Life, AXA and Friends Provident, over the next six months. To obtain a UNIPASS digital certificate, please visit: www.unipass.co.uk.

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