Openwork plots switch to its own platform

Openwork plots switch to its own platform

Adviser network Openwork plans has applied to the Financial Conduct Authority (FCA) for enhanced regulatory permission to launch its own platform.

The company first applied to the regulator for permission to launch its own platform in 2016.

Openwork stated it is “likely” Zurich will be the partner firm with which it chooses to launch the “bespoke” new platform.

Zurich is one of the two providers presently used by Openwork, the other is Ascentric. When the new platform is launched, Ascentric will not receive any new business from the Openwork network of advisers.

Openwork said the new offering “will look and feel different to today – more brand front of house and it will be more of a bespoke platform proposition".

Zurich will be responsible for the administration of the new platform, while the technology function has been outsourced to FNZ.

Zurich had previously owned a 25 per cent share in Openwork, but sold it in April.

Openwork chief executive Mark Duckworth had previously told FTAdviser that 2017 was a year in which profit, revenue and recurring income all higher.

As FTAdviser previously reported, Openwork’s Omnis fund range, which is available only to clients of Openwork, recently sacked Schroders as manager of its £1bn UK equity fund, which will now be managed by Franklin Templeton.