Australian firm InfoComp has gained regulatory approval to offer its wrap software on a white-label basis to customers such as intermediary firms and banks, thereby simplifying their applications to the regulator.
"When we speak to people interested in setting up a wrap, many are unsure what they have to do from the FSA's point of view," said Rob DeDominicis, chief executive of InfoComp. "Basically we have all the documentation, meaning we can create a white-label pack that businesses can use. They can go to the FSA and say they are using our licence but extending it with their own specifications."
Technology from InfoComp is being used by Abbey to relaunch its wrap next year by integrating its existing proposition with a platform and Sipp.
Now rebranded as James Hay Wrap, Abbey's platform has been upgraded to include functions such as cross client analysis tools, bulk fund trading and access to historical asset holdings.
InfoComp unveiled Composer to the UK market earlier this year. The platform has the ability to administer a full range of products and wrappers with users able to set basic rules governing how they want portfolios managed.
It can also be set so advisers are paid fees automatically, with all transactions detailed on a client's statement.
Brian Radbone, InfoComp's head of technical and compliance, added: "For the past two years our team, who between them have more than 30 years of specific wrap experience, have been working to ensure that our solution is fully adapted to the UK market's requirement."
For more on wrap, turn to the RealAdviser Inquiry on page 52.
Janus Henderson Global Dividend Index
More than 10 million shares allocated
Long-term strategic holding
What made financial headlines over the weekend?
To promote 'long-term investment'