FNZ and Hornbuckle have today (17 September) announced a strategic alliance aimed at delivering a “sophisticated” portal for administering UK Sipp and Ssas business.
The new portal, Embark, will use FNZ’s transaction and administration technology.
As part of the strategic alliance Hornbuckle and FNZ “will integrate their efforts and expertise to drive innovation in user experience, product design and technology solutions focused on administration and investment solutions for the UK’s retirement market over the next 10 years”.
Hornbuckle said it will be launched to “selected clients” in the last quarter of this year, and will subsequently expand to the remainder of the client bases and new distribution partners in early 2015.
Regulated advisers, wealth managers, private banks and D2C intermediaries will be given access to pension administration, investment services and self-service tools for traditional and non-traditional asset types, the firms said.
Phil Smith, chief executive officer of Hornbuckle, said: “Our new portal will represent a leap in the service level we can provide to our clients and in our opportunities for future growth at no extra cost.
“It gives us workflow-based risk control, rich user experience in terms of access and reporting, extendibility to new asset classes and operational efficiency.
“The strategic alliance with FNZ will give us the tools to deliver bespoke pension solutions at service and price levels which reflect the needs of the post RDR marketplace.”
Adrian Durham, group chief executive officer of FNZ, said: “The Sipp and Ssas markets are key components of FNZ’s growth strategy and we are delighted to be working in partnership with Hornbuckle to provide this unique proposition to the market.”
This follows Hornbuckle’s recent announcement that it has overhauled its property service proposition, including the outsourcing of all day-to-day administration.
Specialist property consultant Lambert Smith Hampton will assume the administration activities for all Hornbuckle properties.
This follows a number of complaints in recent months about Hornbuckle, including from one adviser who spoke to FTAdviser over a dispute relating to an invoice for time it alleges was wasted as a result of poor service, in particular in relation to property transactions.
