Capita Launches new Business to Focus on Financial Services Distribution Challenge

3 December 2007

• Capita to launch a new entity, Capita Wealth and Distribution Services (CWADS), on 1 January 2008
• Within CWADS, Webline, Quay Software and Synaptic form integrated business, Capita Financial Software (CFS), to help both distributors and providers access a complete distribution solution

Capita today announced that from the beginning of next year, a new business, Capita Wealth and Distribution Services (CWADS), a regulated entity, will be created to consolidate key components required to build on the successful launch of Capita’s independent platform, Enabler.

The new structure will provide a unique and scalable approach to drive forward the Capita Enabler programme, which has developed the UK’s first, truly independent financial product platform.

Within CWADS, Capita Financial Software (CFS) is formed from the amalgamation of Webline, Quay Software and Synaptic Systems – three companies which were acquired by Capita over the last 24 months to revolutionise the intermediary market, by making straight-through processing a reality and benefiting advisers and providers alike.

Capita Financial Software will be headed up by Matt Humphrey, as managing director. He will be supported by Mitchell Philpott, director of strategy and John Willis, director of IT and operations. Paul Holland will become chairman. The new unit will have more than 85 staff and over 30,000 clients, all of whom have already worked with Webline, Quay and Synaptic individually.

Matt Humphrey commented: “Consolidating three strong businesses into one will benefit the Capita Enabler programme, and its financial adviser users , enormously, by ensuring that the back office, desktop and reporting elements of the offering are developed in concert. Over the last 24 months we have come a long way with this initiative and we intend to carry on forging a path which will push the industry towards greater efficiencies, cost savings and automation.

To continue a major theme of the past 24 months, an important part of our strategy is to recognise that advisers still want choice around their support solutions, so the three main products – the Webline platform, Quay Client Care Desktop (CCD) and Synaptic research – will continue to work and integrate with other key software providers in the industry.”

Capita Wealth and Distribution Services (CWADS) will bring an enhanced focus on the emerging market where intermediaries develop closer integration with key providers. CWADS and CFS will help the financial product provider market – banks, insurance companies, life and pensions and fund providers by helping them to bring new and established products to a market of thousands of IFAs.

Graham Coxell managing director – Wealth & Distribution Services will head up CWADS and will also sit on CFS’ strategic board. He commented: “The two new businesses will work together to further deliver the Capita Enabler programme – a strategy we first announced two years ago, which specifically addresses the industry’s need for increased access to IFA distribution for multiple product provider wrappers via a multi-channel straight through processing platform. Enabler is rapidly becoming the industries only truly independent trading platform for IFA’s and providers alike, and facilitates the aggregation of a broad range of assets, presenting them in a single view to the desktop of the intermediary.