Scottish Widows has revealed its plans to develop a new advised platform as part of its push into the pension market.
When asked about these plans by New Model Adviser®, Scottish Widows chief executive Antonio Lorenzo said the insurance arm will invest in its proposition for IFAs as part of the group's advice push.
‘We want to be where the customers are and we know part of that proposition comes through intermediaries,' Lorenzo said. 'We are investing in a new platform for intermediaries and we will have a presence through digital and the network [of bank branches].’
A spokeswoman for Scottish Widows confirmed to New Model Adviser® that Lorenzo was referring to to a new advised investment platform.
‘Our longer-term objective is to develop the capability to offer “on-platform” investments to IFAs. We will announce more detailed plans in this regard in due course,’ she said.
At the moment Scottish Widows does not have an advised platform.
Last year the group acquires Zurich's £19 billion workplace pension business which included some on platform assets. It is not clear yet what technology the new Scottish Widows platform would run on. Zurich uses FNZ for its advised platform and that technology was also behind Zurich’s workplace pension assets.