Wealth management fintech firm JHC Systems (JHC) has partnered with leading pensions and retirement administration technology provider, Delta Financial Systems (Delta FS) to offer a fully integrated SIPP solution to its JHC Figaro (Figaro) clients.

The partnership means JHC clients can administer SIPPs efficiently and cost effectively within Figaro via Delta FS’s leading edge Platinum~Pro technology. It offers an alternative to running multiple systems for SIPP administration, or the expensive practice of having to outsource SIPP processing. Instead, wealth managers are able to maintain control of the assets held within their clients’ SIPP accounts.

Platinum~Pro administers all SIPP functionality from illustrations, tax reclaims, drawdown, PAYE and regulatory reporting, whilst Figaro will continue to manage the clients’ assets and represent the accounts.

John Blackman, CEO of JHC, said: “SIPPs are becoming increasingly popular as individuals take advantage of the less restrictive drawdown rules. To enable our clients to manage their SIPPs efficiently on an integrated platform, we’ve partnered with the providers of what we consider to be the best administration platform available. Our clients can continue to control their SIPPs seamlessly within Figaro, enjoying unrivalled flexibility and benefiting from increased efficiencies, enhanced services and most importantly, significantly reduced costs.”

Michael Power, CEO of Delta FS, added: “It’s never been more important for wealth managers to have control over SIPPs and our work with JHC will empower their clients on this front. Using our new Platinum~Pro technology, Figaro clients can administer SIPPs in much the same way as they would ISAs — and all within the one solution. JHC now has the complete package.”

This development comes hot on the heels of two additional strategic alliances JHC has signed recently. These new partnerships enable Figaro clients to automatically access a broader range of funds platforms and to carry out transaction reporting for MiFID II.

Through JHC’s recent partnership with Allfunds Bank, a leading distributor of mutual funds, Figaro users have direct access to the Allfunds unique, centralised and integrated platform. This provides automated access to a broad range of investment funds using straight through processing, thereby reducing costs and minimising the risk of operational errors.

JHC has also established a partnership with UnaVista for MiFIR transaction reporting. UnaVista, part of the London Stock Exchange Group, is an Approved Reporting Mechanism (ARM) under MiFID I and will be offering an ARM service for the more onerous and far-reaching MiFIR regulation which becomes effective in January 2018. One of the benefits of becoming a UnaVista partner is that Figaro users will be able to integrate seamlessly with the UnaVista platform, reducing operational and regulatory risks and also providing advanced insight as how to better utilise their reporting data.

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