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Capita plans package deal

Capita will use its acquisi- tion of Quay software to offer a combined administration outsourcing and back-office package to big IFAs and other distributors.

Money Marketing revealed in September that Capita was set to buy Quay as a way of inc-reasing its presence in the financial services market.

Capita managing director Steve Parkinson says the firm has already had interest from distributors and hopes to be able to sell the new service from the start of next year.

Parkinson says the offering, which has not yet been named but involves both the Capita and Quay brands, will provide IFA firms with a full admin and back-office service to reduce costs through increased efficiencies.

He says Quay will continue to offer its current back- office service to its 3,500 registered advisers. The cost of the acquisition is undisclosed.

Quay managing director Mitchell Philpott says: “The two organisations are a perfect fit from both a technological and cultural perspective.”

Parkinson says: “We have a feeling that there is quite a lot of interest among big IFAs for this type of outsourcing solution, creating increased effic-iencies for firms and driving costs down.”

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