FIS has enhanced its wealth management solutions to include self-invested personal pension (SIPP) servicing in the U.K. with Quai Digital.
Quai’s platform administers thousands of individual savings plans at a fraction of the cost incurred by established insurance companies and wealth managers. The Company’s compliant and efficient administration systems provide clients with the ability to drive operational efficiencies. Quai’s systems focus on the provision of two core administration services: Product Administration for mass-market consumer offerings and Portfolio Administration for private client and portfolio managers.
Quai has now received FCA permissions of its own.
Quai has 11 customers live on its platform including PJMilton, Punter Southall, Digital Moneybox and Tavistock Investments. Quai is reviewing the possibility of applying for its own FCA permissions. This would expand its range of services, increase margins and reduce reliance on third parties for a key service. In addition, Quai will use the funds to build its own in-house technology team which will increase margins, improve technical quality and customer service.