Tenet is offering an online anti-money laundering service to combat fraud, “virtually eliminate” paperwork and let advisers to process transactions more efficiently.

The Tenet-branded system will be delivered through the Equifax intermediary portal, MyTouchstone and is now being rolled out to the group’s advisers after completion of a pilot programme.

It is the first partnership of its kind between Equifax and an intermediary platform, offering advisers a specially-discounted rate of £1 per search and with no minimum spend requirements.

Helen Turner, Tenet’a distribution & development director, claimed the will service expedite the authorisation process and provide a “formidable” barrier against fraud.

She said: “The customer experience will be significantly-improved thanks to removal of the traditional paperwork delays, although some providers and lenders may still insist on their own secondary checks.”

Peter Welch, intermediary director, Equifax Touchstone Financial Analytics, added: “We are delighted to be partnering with Tenet on this innovative solution. The pilot illustrated the need for streamlined client set-up processes in response to the changing environment, post-RDR.

“Advisers will also be able to access the reports and insights from the MyTouchstone database in order to benchmark their businesses in their local market.”