Capita Financial Software is to launch an online platform comparison service which allows IFAs to drill down into individual platform costs and the services and funds they offer.
The ’Synaptic Comparator’ system is expected to go live around the beginning of July and will launch with 16 providers covering over 85,000 funds and 124 wrappers.
Advisers will be able to use the system to compare platform charges, and filter the service according to their preferred platforms, funds, and wrappers.
The system includes a facility to note why certain platforms and funds were excluded in order to provide a compliance trail.
It has been developed with Platforum following IFA research and in–depth discussions with individual platforms.
Changes to providers’ and fund managers’ charges and fees will be updated by platforms electronically on a monthly basis.
To use the system IFAs without existing Capita software will pay a monthly £45 subscription fee while those with the existing software will pay £35. There is also a separate £50 online training charge.
Capita business development director William Watling says: “For the first time ever a single online system will allow advisers to analyse all aspects of platforms and their products using actuarially approved projection tools. We believe Comparator will be fundamental to any adviser business needing to ensure it provides proper due diligence and adherence to the regulatory standards.”
Platforum managing director Holly Mackay says:“Against the background of the FSA’s recent thematic review and the much awaited platform discussion paper, there is an urgent need for advisers to have access to a comprehensive and robust comparison tool.
“We believe that Synaptic Comparator provides an easy and efficient way to support them in adhering to all the regulatory requirements whilst at the same time ensuring clients get the very best outcome possible. We see nothing similar in the marketplace and the only way to truly ascertain platform charges to date has been manual and laborious.”