Quai Digital

Happiest 40th birthday to our Kelly! 🥳 We hope your birthday is filled with lots of love, laughter and presents 🎁 Lots of love, You team at Quai 💕🎂🧁🥂xx

👇 This week's Quai headlines from the world of pensions, savings and investments: 1️⃣ The Pensions Regulator (TPR) sets out plan to protect savers amid pensions market consolidation TPR said it recognised that the pensions market is consolidating and governance is becoming increasingly professional. The plan sets out how the pensions regulator will protect savers’ money, enhance the pension system and innovate in savers’ interests over the next three years. https://lnkd.in/dyAGYkms 2️⃣ Platforum: The consequences of consolidation for platforms The potential for major change has been building, according to a new report from Platforum.    The report highlights firms’ desire to consolidate assets onto fewer players. Integrating disparate businesses is consolidator’s key challenge. The top priority for integration is the back-office system. https://lnkd.in/gVNquY6K 3️⃣ FSCS chief: how AI will help us pay out claims quicker The use of artificial intelligence, teamed with a new operating model, will help the Financial Services Compensation Scheme to pay out claims more efficiently, according to its interim chief executive. https://lnkd.in/eAwbHdWa 👍 Like 💬 Comment 💌 Share 👉 Follow Quai Digital

⛔ Thousands of pension transfers are stalling due to industry practices favouring excessive bureaucracy over efficiency. Victoria Bell sheds light on the frustrations faced by individuals who encounter lengthy delays and unnecessary complexities while attempting to consolidate their pensions, even for moderately small amounts. Such delays not only discourage people from actively managing their pension savings but also erode trust in the system. ✅ At Quai Digital, we believe pension transfers should be swift, secure, and hassle-free. 👇 More here: https://lnkd.in/dfvEqZTY

⛔ Thousands of pension transfers are stalling due to industry practices favouring excessive bureaucracy over efficiency. Victoria Bell sheds light on the frustrations faced by individuals who encounter lengthy delays and unnecessary complexities while attempting to consolidate their pensions, even for moderately small amounts. Such delays not only discourage people from actively managing their pension savings but also erode trust in the system. ✅ At Quai Digital, we believe pension transfers should be swift, secure, and hassle-free. 👇 More here: https://lnkd.in/dfvEqZTY

The FCA’s focus on advice guidance and increased platform due diligence; inefficient processes costing time and money; signs of pensions dashboard progress? 👇 This week's headlines from Quai Digital. 1️⃣ FCA chief says Consumer Duty and advice guidance will be priority this year https://lnkd.in/ewKHU_Ac 2️⃣ Platform due diligence must change for the Consumer Duty Age https://lnkd.in/equCHQBJ 3️⃣ Reasons to be optimistic about pensions dashboard progress https://lnkd.in/ecH3qFWV 4️⃣ Letters of authority process costing £442mn a year https://lnkd.in/e8nW2cmD 

Continued growth in the SIPP market, and advisers demand better tech and service. This week’s Quai Headlines: 📲 SIPP surge as clients rushed to use allowances https://lnkd.in/eXD8DapV 📈 Two thirds of SIPPs are non-advised with number expected to grow https://lnkd.in/e8hrJunQ 👩💻 More advisers turning to smaller platforms https://lnkd.in/ejzVtB9q ----------- 🔔 Follow Quai Digital for regular news and updates 👉 Get in touch for more info on SIPP and platform tech solutions for your business

👩💻 2024 could be ‘tipping point’ for the type of platforms IFAs use. 95% of UK IFAs aim to invest more in technology. Almost half are looking to change the platform they’re using and are seeking:  ✅ Seamless hassle-free migration ✅ High level of integration ✅ Improved efficiency https://lnkd.in/eJkGzJAa ✍ Being able to do business digitally is a primary concern of financial advisers. 72% of advisers want a fully digital set of processes. However, not all platforms are able to deliver this. The number of paper forms required by platforms has fallen by 60% over the past 3 years with the largest platforms by assets among the most digitally enabled. However, there is still further to go. https://lnkd.in/etHBgRPd 📋 Platform due diligence must change for the Consumer Duty Age The Consumer Duty has significantly increased the level of rigour the Financial Conduct Authority (FCA) expects from an advice firm’s initial and ongoing due diligence of the investment partners and platform providers it is prepared to recommend to clients. The FCA expects firms to carry out research and draw up a shortlist of platform providers, then carry out due diligence on the shortlist. https://lnkd.in/equCHQBJ 🔔 Follow Quai Digital for regular news and insights from the world of fintech, savings and investment.

We are delighted to support CMC Invest UK as they continue to evolve their investment app. The introduction of our SIPP on their platform is another step forward for improving consumer choice and value. 🤝 We look forward to working together!

We are delighted to support CMC Invest UK as they continue to evolve their investment app. The introduction of our SIPP on their platform is another step forward for improving consumer choice and value. 🤝 We look forward to working together!

This week's Quai Headlines: 💡 Royal London CEO: Why IFAs don’t need platforms anymore. ⚡ Platforms will become redundant because they provide an ‘expensive’ solution to a problem that ‘doesn’t exist anymore’, according to Royal London CEO Barry O’Dwyer. O’Dwyer said platforms’ services would no longer be required because much of the functionality was provided by either product providers or advisers themselves. https://lnkd.in/ewzKKeUX 👨💻 ‘Platforms, you all need to up your game!’ Top 100 IFAs say 👩💻 Top advisers discuss tech stacks, what they look for in a platform and their biggest IT frustrations. Three lenses to look at when picking a piece of technology are:  ✅ does it save time? ✅ does it save cost ✅ does it improve client experience? https://lnkd.in/exfh-fDs 📲 Survey shows HNW individuals demand better digital experience from advisers. A new report from Compeer finds that as digital services increase, so do the expectations of clients. HNW investors are starting to expect much more than ‘just’ a portal when reviewing the digital services offered by an IFA or wealth manager. Two thirds of respondents say they would switch provider if improvements are not made. https://lnkd.in/eMfXPxNp -------- 👉 Follow Quai Digital for regular news and insights from the world of fintech, savings and investments.