Nucleus targets corporate business

Nucleus is revamping its platform to take on group business that could serve large firms and compete with life company corporate wraps.

David Ferguson (pictured), chief executive of Nucleus, said it was looking to update the platform to deal with group personal pensions and other group business, instead of building a separate corporate platform.

‘Providers are trying to build these big wraps to win large company business, but those companies are not going to ditch their human resources facility to install a platform,’ he said.

‘We are not looking at it in the  same way as Standard Life, for example, we have decided not to approach it as a mainstream provider.

‘We think it will be a case of adjusting what we already have for existing or new Nucleus IFAs who want to add a group scheme.’

Ferguson said the new proposition would complement the existing proposition, but would require some further development.

‘I think we can develop without a huge capital cost,’ he said. ‘If a firm has a strong relationship with an adviser, then we can help them reach a better solution.’