View more on these topics

Transact most favoured platform, say advisers

Transact has been voted the most popular intermediary platform in a research study looking at the service, scope and functionality of different intermediary platforms.

The survey by CWC Research, conducted in cooperation with BNP Paribas Securities Services, consulted 75 adviser firms with turnover in excess of £1 billion.

Cofunds came out ahead of FundsNetwork on getting single provider deals with major IFAs, according to the research. But FundsNetwork has the most users.

Standard Life has less than half the users of the biggest platforms but it is “achieving good ratings and has become a leading player in short time”, according to the research.

Transact featured highest in all areas of service and also scored highly in scope and re-registration process.

The survey shows the platform is an important growing component of adviser distribution support, says BNP Paribas Securities Services head of wealth management solutions Tina Wilkinson.

She says: “It shows that the market place is still maturing and has room for improvement. BNP Paribas is committed to its strategy of supporting wealth managers and financial advisers with a wide range of end-to-end solutions. We are very excited to be part of this rapidly developing sector.”

CWC Research senior partner Clive Waller says: “The FSA has said that advisers should carry out due diligence on platforms employed. On the financial strength side, this is extremely difficult. In areas of scope and functionality, it is relatively straightforward.

“Service is another matter; little is published and the cost of getting it wrong could be high. We suggest that advisers talk to as many users of their favoured platforms as possible before making a final decision.”


Transition to trust and transparency

The IFA market is in transition and it is a difficult journey. It is in transition because that is what the market wants and if you do not respond to the market you die.

FAS pensioners will get higher rate tax break

Work and Pensions Secretary James Purnell has today confirmed that anyone getting a payment via the Financial Assistance Scheme will not necessarily have to pay higher rate tax.Those pensioners receiving £40,000 or less a year – which is the majority of the members – will not move into the higher tax bracket.Payments via the FAS […]

Lifetime wrap still uncertain on relaunch date

The new managing director of Norwich Union’s Lifetime wrap has refused to confirm whether it will be opened to new users this year.Toby Strauss says no decision has been taken on which third-party IT provider will be contracted to help run and administer the platform.He says the company must complete investigative work and due diligence […]

MorganAsh starts tele-interviews with protection claimants

Protection outsourcing company MorganAsh will begin tele-interviews on claims from next month in a move which is expected to speed up the payment of claims significantly.Instead of claimants filling out a claim form, a trained MorganAsh nurse will call them to determine their medical and financial situation.MorganAsh will then pro- duce a report, which will […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm