Quilter Cheviot, part of Old Mutual Wealth, has become the first discretionary investment management firm to partner with London-based fintech company Flagstone to deliver an online platform clients cash deposits.
Flagstone’s smarter cash platform will enable Quilter Cheviot’s investment managers to take instructions from their clients to open multiple deposit accounts through one platform. The Flagstone platform allows clients to open and fund new bank accounts simply and efficiently.
The benefits of using Flagstone’s unique cash platform include higher interest income by allowing clients to choose from up to 450 term deposit accounts, as well as the ability to manage risk more effectively by diversifying deposits between up to 24 different banks. This diversification can also increase the protection that clients’ deposits are afforded collectively by the Financial Services Compensation Scheme (FSCS).
The proposition has already been harnessed to great effect; Quilter Cheviot investment director Cosmo Pain, says: “I would certainly recommend the service to clients who want to diversify their deposits and generate more interest income. Once the account was up and running the system was extremely easy to use, with both the highlighting of new rates becoming available and the notice of fixed term deposits coming up for maturity very helpful.”
Pamela Reid, client services director at Quilter Cheviot, adds: “We are delighted to partner with Flagstone to offer this innovative solution for placing our clients’ funds on deposit.”
The Flagstone platform is currently available to private individuals, SME corporates and charities with a minimum holding of GBP250,000.
Andrew Thatcher co-founder and co-managing partner of Flagstone, says: “We look forward to working with Quilter Cheviot and enabling them to generate significantly more interest income for their clients on this important core asset.”
All of the UK banks on the Flagstone platform are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Deposits placed with any of these banks via the Flagstone platform are afforded exactly the same Financial Services Compensation Scheme protection (ie GBP85,000 per depositor per authorised institution) as if the client placed the deposit directly with the bank.
