Virtual Net drives down compliance costs

Amanda Jarvis

January 10, 2003

Virtual Net, the internet network has designed an ‘intelligent’ system that enables each piece of business to be compliance checked as it is entered. The tool, available to all members of the network, offers the following:

– Internet based input of new business
– Risk based compliance analysis of inputted data to give real time feed back
– Holds all new business submissions on record
– Allows on-line payment of commissions.

Junior Sobowale, Chief Executive of Virtual Net comments: “Compliance becomes an issue for IFAs when their network tells them six months down the line that a piece of business wasn’t acceptable. It destroys client confidence in the IFA.

“The tool we have created compliance checks there and then ensuring any problems can be addressed by the IFA straightaway. The compliance checking is just one element of Virtual Net’s system which amongst other things has online payment of commissions – accessible as soon as the provider has paid the commission. It also enables IFAs to access a history of business inputted and to update and amend policy information at any time.”

“For too long IFAs have had to put up with networks that process business to their advantage – holding onto commission payments, irregular compliance checking and forgetting they are there to provide a service to the IFA. The Virtual Net service is based upon the premise that the business tools provided by networks are there solely to provide IFAs with an effective and efficient service.”

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