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2Plan sets up technology subsidiary Figure Out

2Plan, the new distribution firm being launched by three former Positive Solutions directors, looks to have another subsidiary arm called Figure Out.

It is understood that 2Plan will be the distribution arm of the business and will be the brand name that faces advisers while Figure Out will be the technology side of the business.

Money Marketing revealed in December that former PS sales director Chris Smallwood and compliance director Chris Davies were starting a new firm.

Industry sources have suggested the logic behind setting up two separate companies might be due to plans to outsource the technology to the wider market but this has not been confirmed.

Standard Life has about a 15 per cent stake in the overall company, with managing director of sales Nathan Parnaby and distribution director Ron Taylor listed as directors, as is Nicolas Keith Hewitt.

Both Leeds-based companies are pending FSA registration and authorisation.

Standard Life, Smallwood and Davies were unavailable for comment.

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