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Bankhall builds technology platform to pass the portals

IFA support services provider Bankhall is working with parent group Skandia to design a multi-provider technology platform after depolarisation.

Bankhall is thought to be in negotiations with a number of providers to sign up to its platform ahead of its launch but will not disclose who these are yet.

Its plans are to develop an offering allowing its advisers to do everything online from one central hub accessing quotes, applications, underwriting and commission all through one platform that will sit within IFA Engine.

It would be available to all members whether they multi-tie or not and will allow them to bypass portals, accessing all the services that the portals supply through Bankhall&#39s own system.

Bankhall Investments director Jamie Farquhar says: “There will be a platform element within our multi-tie proposition but this will be open architecture as well and will not drive a prescriptive selection.”

Financial Technology Research Centre director Ian McKenna says: “Such an approach would be a natural evolution and a positive move for the marketplace with the only caveat that one would hope to see other platforms of this type established. There is room in the market for more than one.”

Third-party consultancy adnitor managing consultant Holly McKay says: “The player who attempts to do it all runs the risk of shooting themselves in the foot and sacrificing their core value proposition. It is not a foregone conclusion that the networks will be successful wrap providers.”

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