The service is available to both existing users and advisers considering the Standard Life Wrap platform.
It provides a flexible approach to due diligence in line with the varied individual requirements of each adviser business. Ensuring consistency, accuracy and a timely and thorough response, the due diligence report can be dual-branded for adviser firms and meets the requirements of the regulator.
Duncan Muir, Head of Adviser Business Development at Standard Life, said:
“Due diligence is vital in shaping an adviser’s proposition as the questions asked of a platform determine the type of business the adviser wants to have. It has never been more important to make the right choice of platform as it is a long-term commitment. Our new bespoke service is designed to best support the adviser in this decision making process. Central to this is gathering the appropriate information about a provider’s ability to support their investment and service proposition.
“As we have implemented the changes required by PS13/1 well ahead of the deadline we can now support advisers as they build a successful, sustainable and financially strong business.”
In addition, Standard Life Wrap users will receive an updated generic version of the due diligence report annually, exceeding FCA guidance for due diligence reviews. This documentation has been produced following analysis of over 70 examples of due diligence requests to the platform. It will continually be updated to take into account new questions advisers may have.
Standard Life has plans to extend this due diligence service to other propositions.
Duncan Muir continued:
“Due diligence isn’t about Standard Life giving an adviser firm a list of questions to ask, it is about us having a solution for their individual due diligence requirements.”
