Intelliflo has been authorised by the FCA for registration as an account information service provider. AISP status ensures that Intelliflo can continue to aggregate information from client’s bank accounts.
This capability, available via the Personal Finance Portal (PFP), enables advisers’ clients to review the daily balances on their bank and other accounts, providing them with a holistic overview of their finances at any time.
Intelliflo already has integration with Yodlee, providing client data via screen scraping, which therefore required the company to seek authorisation to continue to carry out this activity, in line with the Payment Services Directive which comes into force in September 2019.
The FCA registration means Intelliflo can expand use of Open APIs which enable third-party developers to build applications and services that deliver enhanced connectivity for advisers’ clients to a broad range of financial products and services.
Nick Eatock, Intelliflo’s founder and executive chairman, commented: “Being able to integrate bank account information into PFP via Open Banking means our adviser customers will be in a position to offer their clients a full overview – and full control – of their finances.
“We firmly believe that this service represents a step forward in the way that UK investors are able to access and interact with their finances, better enabling them to control their outgoings and savings from one central hub.
“Crucially, it also enables a more holistic view for the adviser in terms of the FCA’s Know Your Customer, which helps advisers to deliver good advice outcomes. It is also a significant step forward in helping support the ongoing suitability requirements of MiFID II.”
Intelliflo is a leading UK provider of business management software to the financial advice industry, servicing over 35% of the UK financial adviser market. Its proprietary software, Intelligent Office, is used by over 2,500 individual firms with over 22,500 individual users. These firms represent circa 13+ million end clients.