View more on these topics

Transact tops platform poll

Transact has come out top in a research study assessing the service, scope and functionality of wrap platforms.

The CWC Research survey consulted 75 adviser firms with turnover of more than £1bn. Cofunds came out ahead of FundsNetwork on getting single-provider deals with major IFAs, according to the research but FundsNetwork is shown to have the most users.

Transact features highest in all areas of service and also scores highly on scope and re-registration process. It scores 4.1 out of 5 for administrative capability, 4.6 for access to staff and 4 for re-registration.

The research, which was conducted with BNP Paribas Securities Services, also shows that Standard Life has less than half the users of the biggest platforms.

CWC Research senior partner Clive Waller considers that performance on service issues such as cost, scope and functionality are especially important, given the FSA’s expectation that advisers should carry out due diligence on their platforms.

He 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 as 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.”

BNP Paribas Securities Services head of wealth manage-ment solutions Tina Wilkinson says the survey shows that platforms are an important growing component of adviser distribution support.

She says: “It shows the marketplace is still maturing and has room for improvement.”


Mortgage firms team up to defend lenders

Seven of the biggest UK mortgage distributors have joined forces to call on mortgage brokers to understand and make allowances for the huge strain the credit crunch is placing on lenders.The unprecedented move sees the heads of six rival companies, representing over 30,000 brokers, join together to back an open letter to mortgage intermediaries written […]

Abbey tightening up on fast-track lending

Abbey will be tightening its fast-track policy over the next few months after admitting it is not comfortable with its current procedures.Speaking at Abbey for Intermediaries Key Account conference, deputy chief risk officer Iain Laing said: “There is extreme attention on fast-track at the moment and I think it is justified. We have a broader […]

Cooke and Ferneyhough back with internet venture

Premier Partnerships founders Michael Cooke and Darren Ferneyhough are returning to the market with a company offering life and critical-illness insurance online.The pair have been working on The Insurance Helper since leaving Premier in 2006, two years after it was sold to Tenet.It will initially be a non-advice business, with a callcentre worker contacting consumers […]

7IM offers four passively managed Oeic funds

Investment management firm 7IM has launched a set of four passively managed Oeic funds available via its Tethys platform. The Asset Allocated Passive funds employ exchange traded funds as an alternative to active funds to make up a majority of their portfolio. The funds are designed in a sliding scale of risk between moderately cautious […]


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