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Bankhall schedules ‘wrap of wraps’ for September

Bankhall will launch its long-awaited wrap in the second half of the year with a phased rollout due to start in September.

Dubbed the “wrap of wraps” by Bankhall, it has been developed with Capita.

Bankhall chief executive Peter Mann says the decision to outsource its development to an independent company has been vindicated by the FSA’s recent discussion paper on wraps and fund supermarkets.

He says: “The paper made it perfectly clear that platforms getting advisers on board with equity shares are under threat. I think the benefit we have with Capita is that it is totally independent and is a business of such a scale that it can be relied on.”

The wrap will go live in mid-September, with the launch due to be held at Bankhall’s autumn conference in Cannes.

It will incorporate a fund supermarket, self-invested personal pension, Isas and direct fund links for the discretionary sector of the market.

Bankhall’s platform will not offer complete open architecture as Mann says he does not believe this level of fund choice is necessary.

Around six weeks after launch, a cash account and a selection of model portfolios encompassing different risk profiles are set to become operational.

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