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Technology / AI and automation

Standard Life spends GBP30 million on new wrap platform

The Scotsman reported that the group has hired a team of 50 specialist financial planners from First New Zealand Capital, a provider of wrap technology, and relocated them in Edinburgh to help build the new saving and investment platform.

The new platform is designed to allow savers to hold all their savings and investments, including those they have with other firms, in the one ‘administrative basket’. The Scotsman claims the insurer is investing in this new product with a view to building new business and giving a much needed boost to with-profits policies.

The platform is expected to be rolled out at the end of the first quarter and although it will only initially be available to selected independent financial advisers and intermediaries.

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CBR Staff Writer

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