Embark  

Embark to launch Sipp in 2023

Other platform providers have launched retail services this year, for example, AJ Bell launched Dodl, a service focused on simplifying investments.

In addition, Evelyn Partners, formerly Tilney, Smith and Williamson, relaunched its retail service BestInvest with a series of "bitesize advice" packages.

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Much of the work Embark is doing on its direct-to-consumer services will also be reusable in its white label business-to-business channel. 

"This is an exciting area we are seeing a lot of activity in and I consider it to be just as important as the retail side of our business" said Leiper.

"Investing in technology is a core part of strengthening any fintech and at the heart of our commitment to invest £150mn in both our digital front end and platform. 

"We will re-platform all of our propositions, consolidating our business onto the FNZ platform, and have a long-term strategic partnership aligned on shared goals."

Leiper reckons the market will continue to see interest in vertical integration, with some fast-growing mid-large size advice firms offering platform capabilities via white labelling.

"This trend towards consolidation should benefit customers as they gain access to a wider choice of products and services, managed in a more consistent manner which is favoured by the regulator," Leiper concluded.

ruby.hinchliffe@ft.com