CAPITA’S PLATFORM COMPARISON SERVICE TO LAUNCH WITH 16 PLATFORM OPERATORS

Capita Financial Software (Capita) has today announced its new online platform comparison service, ‘Synaptic Comparator’, will launch with the support of 16 leading fund supermarkets and wrap platforms.

On target to go live by mid July, Synaptic Comparator covers over 85,000 funds and 124 wrappers on offer from 46 product providers.  Platforms which will be available on the service at launch include: Aviva, AXA, Cofunds, Fidelity FundsNetwork, Macquarie, Nucleus, Seven IM, Skandia, Standard Life and Transact.

In March this year the FSA set out its thoughts on the use and regulation of Platforms in Discussion Paper 10/2.  Advisers that have chosen to use one or more platforms may have to revisit whether or not their due diligence processes and conclusions were correctly carried out and ensure evidencing is provided going forward. The new Capita service will provide professional advisers with the industry’s first comprehensive offering to compare all platform aspects including ‘overall solution cost’ and true reduction in yield (RIY) calculations.

Developed in partnership with The Platforum and with industry wide input from IFA networks, platform operators and specialists, the new service is the first in a suite of ‘next generation’ integrated solutions designed for professional financial advisers.

Key features of the Synaptic Comparator service include:

• Comparison of all essential criteria for platform recommendation including funds, wrappers types, platform features and crucially all associated charges including ‘overall solution cost’
• Provides true reduction in yield projections, previously unavailable for comparison 
• Ultimate solution to give regulatory evidencing and due diligence, whilst maximising efficiency through saved time and cost
• Calculations validated by all participating platforms and Capita appointed actuaries.
• Provides ‘Suitability’ and output reports and factsheets for over 85,000 funds, all wrappers and platforms
• Enables advisers to evidence segmentation of service propositions, improving transparency
• Developed following the FSA ‘9 point’ factsheet on due diligence to provide a single source to cover all areas

William Watling, business development director, Capita Financial Software explains:

"We are thoroughly delighted to unveil our Comparator service which has received unanimously positive feedback from all the advisers, providers and platforms involved in the rigorous testing and development process.  We are extremely grateful to Platforum who have partnered us throughout the project, providing vital insight and knowledge from their own experience gained in both the Australian and UK markets."

"For the first time ever a single online system will allow advisers to analyse all aspects of platforms and their products using actuarially approved projection tools.  We believe Comparator will be fundamental to any adviser business needing to ensure it provides proper due diligence and adherence to the regulatory standards."

Holly Mackay, managing director of the Platforum, comments:

"Against the background of the FSA’s recent thematic review and the much awaited platform discussion paper, there is an urgent need for advisers to have access to a comprehensive and robust comparison tool. 

We believe that Synaptic Comparator is a unique solution for advisers, providing an easy and efficient way to support them in adhering to all the regulatory requirements whilst at the same time ensuring clients get the very best outcome possible. We see nothing similar in the marketplace and the only way to truly ascertain platform charges to date has been manual and laborious.

Working alongside Capita on this project has been extremely rewarding and we believe the service launch represents a real landmark in the move towards transparency and accurate analysis in the platform marketplace."