It is the first discretionary investment manager to partner with Flagstone, providing clients with a platform to manage multiple deposit accounts to take advantage of higher interest income and manage risk more effectively.
The Old Mutual Wealth-owned firm follows in the footsteps of wealth manager St. James’s Place, which announced it was using the London fintech group’s cash management technology in May.
With the new service, clients will be able to instruct Quilter Cheviot’s investment managers to open multiple deposit accounts through one platform.
They will also have access to up to 450 term deposit accounts and the ability to diversify deposits between up to 24 different banks. All the UK banks on the Flagstone platform are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA.
“I would certainly recommend the service to clients who want to diversify their deposits and generate more interest income,” said Quilter Cheviot investment director Cosmo Pain.
“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.”
The diversification can also increase the protection that clients’ deposits are afforded collectively by the Financial Services Compensation Scheme (FSCS). Deposits with any of the banks placed via the platform receive the same FSCS protection as deposits made directly through the bank.
The Flagstone platform is available to private individuals, SME corporates and charities with a minimum holding of £250,000.
