Are you a platform?
Under our model, firms can outsource all client money and custodian obligations to us, along with the technical process of trading and settling investments.
In turn, they then own many aspects of the customer experience that would typically be provided by a third-party ‘platform’ – either by designing their own customer journey and user experience in full, or with the help of our off-the-shelf user interfaces.
To put it another way, our clients don’t simply ‘white label’ an existing Seccl platform, but instead use our core technology to build and operate their own one – with all the business benefits and additional responsibilities that it brings.
What’s the regulatory position on all of this?
As the below definition from the FCA handbook shows, the Regulator recognises only one authorised role in relation to platforms: that of a ‘Platform Service Provider’.
As the entity authorised to safeguard and administer assets, Seccl is, therefore, the regulated Platform Service Provider. But in reality, we would provide some of these services on an outsourced basis to you – while we would expect you to fulfil some of the obligations involved.
For more details on the how these shared responsibilities break down, see here.
A firm providing a service which:
- involves arranging and safeguarding and administering investments; and
- distributes retail investment products which are offered to retail clients by more than one product provider;
but is neither:
- solely paid for by adviser charges; nor
- ancillary to the activity of managing investments for the retail client
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