Standard Life is taking a 15 per cent stake in 2Plan, the planned rival to Positive Solutions to be launched by three ex-PosSol directors in around six weeks.
In December, Money Marketing exclusively revealed that former PS sales director Chris Smallwood, compliance director Chris Davies and IT director Mark Smith were looking to launch a new firm heavily borrowing from the PosSol model.
Standard Life managing director of sales Nathan Parnaby is a non-executive director, with Standard distribution director Ron Taylor as a legal alternative in instances when Parnaby is unavailable.
The fifth director is listed with Companies House as Nicolas Keith Hewitt of Knaresborough, North Yorkshire.
The Leeds-based business will focus on compliance services for advisers.
Standard has the option to take additional share capital in the firm at a later date.
Parnaby compares the investment with stakes that the life office has taken in Tenet Group and SimplyBiz.
He says: “As a non-executive, I understand the company will operate as a network-type model with compliance at its root, although network is a somewhat outdated term these days. I would refer to it as a distribution group. Standard Life has taken a 15 per cent stake and we welcome an exciting new model bringing quality to the marketplace.”
Smallwood and Davies were unavailable for comment.