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Structured product platform in talks with other administrators

Investment platform Structured Products GO is looking to move its administration contract from parent company WH Ireland to another provider in an effort to cut costs in the run-up to the RDR.

The platform was launched in September last year for institutional investors and financial advisers. Users can administer client assets themselves or SPGO will provide administration on the platform via its own client money accounts. Clients are able to invest via Isas, Sipps or offshore bonds and access the secondary market. Money Marketing understands the platform’s administration contract with WH Ireland will soon come to an end.

The venture was launched by former Barclays Capital structured product specialist Phil Taylor and Ben Murison, who was previously Royal Bank of Scotland vice-president of structured products for the UK.

Taylor says: “No contract has been terminated yet but we are considering other administrators at the moment. Other than that, the SP Go platform is still up and running.

“The main reason is cost, we want to ensure our proposition will have longevity post-RDR.”

A WH Ireland spokesman says there is currently no change to the working relationship between WH Ireland and SP GO.

Whitechurch Securities managing director Gavin Haynes says: “Advisers are generally reluctant to use structured products because of their complexity and other issues like liquidity. It is a difficult place to gain traction within the retail marketplace.”

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