European insurer Standard Life is spending £30 million on developing a new 'wrap services' platform that will enable it to offer savings and investment products from a single system, according to a report from The Scotsman.
The group has reportedly hired in a team of 50 specialist financial planners from First New Zealand Capital - a provider of wrap technology for the domestic market - and relocated them to its Edinburgh headquarters to help build the new saving and investment platform, which will be launched ahead of its stock market flotation.
The platform will enable customers to hold all savings and investments, including those with other firms, in one system.
The cost of relocating the specialist staff has helped push the development costs of the platform to around £30 million, says The Scotsman.
Standard Life plans to roll out the wrap system at the end of the first quarter. The platform will initially be available to selected independent financial advisers and intermediaries.