The UK subsidiary of InfoComp, the Australian IT wrap platform provider, has become the first company to receive FSA approval for its Business Process Outsourcing (BPO) solution targeting the UK wrap market and individual tax wrappers including SIPPS, ISAs, PEPs and directly held assets.
It is understood that FSA approval was an important consideration for Abbey who recently announced that James Hay is to use InfoComp’s Composer Platform software to deliver new SIPP and Wrap functionality and enhanced services its clients.
Commenting on the FSA approval, Rob DeDominicis CEO of InfoComp , said
“We are delighted to have received confirmation that our BPO wrap solution has been approved by the FSA as the UK's first business process outsourcing operation for providers.
FSA approval puts us ahead of other wrap providers active in the UK market and means that companies looking to introduce a regulatory compliant, fully customised and bespoke wrap offering now have a fast track route to market using the InfoComp Composer platform. . It is certainly proving to be an important factor in the selection criteria of the companies we are presently talking to.”
FSA approval relates to an all-encompassing outsourced administration proposition for UK wrap providers and includes the InfoComp Composer IT platform. The Composer platform provides a complete administration solution including record keeping, dealing and reporting functionality, both for the Wrap itself and the silo-product engines.
Brian Radbone, InfoComp’s Head of Technical and Compliance said
“FSA approval confirms InfoComp’s deep understanding of the wrap market and our continued investment in expanding our services to the benefit of our clients.
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. FSA approval is verification that we have indeed developed a fully compliant wrap and silo-product solution for the UK financial services market.”
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