Retirement income providers adopt HUB Financial Solutions changes

Several of the UK’s leading retirement income providers have agreed on new changes to business processes proposed by HUB Financial Solutions.

New streamlined services, effective immediately, will remove the need for customers to venture outside to post hard copies to provide “wet signatures” on key documents, and Hub Financial Solutions said the changes would still enable them to proceed with applications to verify their identities from the safety of their homes.

Hub Financial Solutions also suggested the move would help safeguard thousands of people who are “shopping around” for guaranteed retirement income.

The Guaranteed Income for Life (GIfL) broker revealed the proposals had been adopted by Aviva, Canada Life, Hodge Lifetime, Just Group, Legal & General and Scottish Widows and also with its affinity partners Phoenix, Prudential and Royal London.

HUB Financial Solutions managing director, Simon Gray, commented: “During the lockdown we wanted to better support our customers, many of whom are vulnerable and self-isolating at home, perhaps with no access to printers or family help accessing technology.

“We are delighted that our proposals to help customers navigate some of the barriers created by the Government’s stay-at-home policy have now been adopted by all the key providers in the GIfL market which means we can ensure customers can secure the retirement incomes they need.

“Coronavirus has been a challenge, not only ensuring that our own colleagues are safe at home while still able to provide core services but also in terms of rethinking how we work with other companies in the market to generate quotes and process applications.

“This is a rapidly-changing situation but we are actively listening to government guidance to track, anticipate and respond to events as they unfold.”

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