Firing line  

'When I read the FCA's platform paper, I did a happy dance'

He explains: “We got a lot of major blue chip clients in Australia and then we brought it out to the UK market. That’s why, to be honest I’m working out here [in the UK] because, since 2005, my main focus was on the UK market. That was the cornerstone of GBST.

“We sold the business [known as InfoComp] in 2007 and became part of GBST, and became the wealth management division there. I stayed on for seven-and-a-half years after the sale.”

Mr Tubman considered retiring, but with his wife’s words – “you’re going to be bored” – ringing in his ears, he started FinoComp, which he emphasises is not an extension of GBST.

The business now has several types of “micro services” it offers its UK clients, which include Aegon and Novia. 

New services

One of these micro services is TierDrop which, according to the Finocomp website, “calculates the performance of discretionary managed portfolios including highlighting those that have depreciated by 10 per cent as per the Mifid II guidelines”.

Its ‘Charge Definition’ service “enables wealth management companies to create and maintain fees and charges outside of their core system”.

Many of FinoComp’s micro services are developed in response to regulatory requirements.

“It’s interesting, because I read the Financial Conduct Authority interim report into platforms,” he says, admitting he did a “happy dance around the office when I read it”. 

“Because there was a lot of focus on costs and charges and they were alluding to the fact that every time an adviser opens up the screen, or a client opens up a portal screen, they should be able to see what charges are being taken and who by, so people are fully aware,” he notes.

“We’ve got a longer-term vision of components we want to build out and we’ll keep it fairly opportunistic, as you have to do when you’re a small company.”

These are the kind of components and software that advisers may not be aware theyare using or relying on when they go ontoa platform.

As Mr Tubman puts it: “It’s like an engine in your car – if it’s working smoothly you just keep driving it – it’s only when it stops working smoothly it becomes an issue.”

Ellie Duncan is features editor of Financial Adviser and FTAdviser