You may be considering the addition
of a comprehensive administration package to the
services you offer to continue to compete in your
existing market or add new products to your range.
However, administration may not be your core business.
Outsourcing administration to a third party administrator
(TPA) is one solution. Your relationship with
the TPA will govern the extent to which your business
is accountable to its regulator for the acts and
omissions of the TPA.
Typically, as part of the due diligence checks
you perform you will need to prepare and issue
an 'invitation to tender' (ITT), evaluate responses,
create a shortlist, interview key staff, then
test (and later dovetail) systems and controls.
You will also need to draft a contract and a service
level agreement. ACL can assist you with the selection
and appointment of a TPA.
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