Whitechurch and In-Partnership are requiring new members to carry out platform due diligence on every client as part of efforts to de-risk the networks’ business.
The networks are rolling out a suite of products called Pegasus to members which includes the use of Capita’s synaptic comparator platform comparison tool. Whitechurch and In-Partnership are recommending advisers use the tool every time they want to move a client’s assets onto a platform. It will be mandatory for new members to do this.
The comparator tool will highlight the platforms on the networks’ preferred panel, which are Ascentric, Axa Elevate, Cofunds, Fidelity FundsNetwork, Seven Investment Management, Skandia, Standard Life and Transact.
Whitechurch managing director Ian McIver says: “This helps us to de-risk the business. Our view is the likes of Honister and other networks and nationals have hit problems because they did not have a central way of controlling the due diligence.”
Plan Money director Peter Chadborn says: “It seems like overkill. It is impractical to do it for every client and while it is a good tool, reliance on one tool is very dangerous.”