Standard Life has launched a bespoke due diligence service for wrap users.
From April, advisers will be required to satisfy themselves that a platform service provider has met all of the requirements set out within the Financial Conduct Authority's (FCA) platform paper as part of an enhanced due diligence process.
Standard Life's new service has been produced following analysis of over 70 examples of due diligence requests made to the platform over the past nine months.
The provider said the service will bring the typical response time for a full questionnaire down from more than a week to a few days.
Standard Life head of adviser business development Duncan Muir 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."
The completed report can be dual-branded for adviser firms and meets the requirements of the regulator, Standard Life said.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
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