Fintech inquiry

FNZ ‘under regulatory review’ say City sources

FNZ’s technology underpins a number of blue chip clients

FNZ, which provides technology to drive blue chip financial firms, has been ordered to carry out an internal review by the Financial Conduct Authority, according to sources.

The company, which has substantial operations in central Edinburgh, has appointed accountancy firm Grant Thornton to undertake the Section 166 review.

These are normally issued when the regulator wants further analysis of a regulated firm’s business.

The review, as reported by Citywire New Model Adviser, has not been confirmed. FNZ has been contacted for comment. The FCA said: “We’re unable to comment on individual firms.”

This year, Quilter and St James’s Place have been issued with Section 166 reviews over their evidence of annual client reviews.

FNZ provides the underlying technology and custody for platforms including Aviva, Barclays, Quilter and Scottish Widows. It is running migration and re-platforming projects for Nucleus and Abrdn in the UK.

NMA said FNZ is looking to recruit a new compliance officer after appointing a global chief risk officer.

The most recent figures show it administers more than £400bn of assets for UK customers, reckoned to be about a quarter of the savings and wealth market.

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