- Kingswood clients to benefit from access to market-leading and exclusive rates as well as Financial Services Compensation Scheme (FSCS) deposit protection
- Currently around £170 billion languishes in zero interest accounts accounting for 12% of the UK’s household cash deposit market
Kingswood, the listed UK based wealth manager, today announces that it has launched an innovative new cash proposition in partnership with Flagstone, the UK’s largest cash deposit platform developer.
The platform will provide Kingswood clients with access to more than 550 cash deposit account options from 32 banks through a single, consolidated application, significantly reducing the administrative burden for savers.
As well as a simplified application process, clients will also benefit from access to market-leading and exclusive rates as well as the FSCS deposit protection of £85,000 per depositor per bank (£170,000 for joint accounts). Kingswood believes the flexibility and accessibility of choice coupled with the compensation protection will act as a strong incentive for clients to move their savings into accounts paying higher rates of interest.
Savings apathy has become a real issue in the UK. According to a recent report* by the Centre for Economics and Business Research (‘CEBR’), there is around £170 billion languishing in zero interest accounts – up from £33 billion since 2008 and accounting for 12% of the UK’s household cash deposit market.
Patrick Goulding, CEO Operating Platform and Group CFO at Kingswood, said: “We are delighted to have further expanded our client offering by partnering with Flagstone. Their innovative cash platform enables clients to access market leading rates and open multiple accounts at the click of a button. We are excited to provide our clients and advisers with an online tool that helps them to manage the cash element of their portfolios efficiently and successfully. These additional value-added services available to our expanding client base highlight the breadth and depth of our offerings. By further adding to and integrating our brand, Kingswood is developing a strong competitive advantage which enables us to drive growth initiatives under a common brand.”
Simon Merchant, Co-Founder and Co-Managing Partner of Flagstone, said: “We are looking forward to partnering with Kingswood and helping their clients to make the most of their cash by providing them with access to market-leading rates and the opportunity to diversify their deposits across the platform’s extensive panel of banks. We’re partnering with the UK’s largest and most forward-thinking wealth management firms to deliver value to clients and their advisers. The Flagstone platform enables clients to make their cash work harder and strengthens the adviser’s value proposition; consolidating the relationship and giving the adviser a more holistic understanding of their clients’ wealth.”
* Source: Flagstone commissioned research agency Cebr to create a report on the size and structure of the UK’s cash deposit market surveying more than 4,000 UK depositors.
Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) integrated wealth management group, with more than 4,500 active clients and c. £2 billion of Assets under Management and Advice. It has a growing network of offices in the UK including London, Manchester, Cheltenham, Maidstone, Worcester, Beverley and Abingdon, and an office in Johannesburg, South Africa.
Kingswood offers a portfolio of services to its clients, which range from private individuals to some of the UK’s largest universities and institutions, including investment advice and management, personal and company pensions, wealth planning, and stockbroking. Kingswood is focused on becoming a leading player in the wealth management market through targeted acquisitions in the UK, with the ultimate goal of creating a global business through strategic partnerships. The firm recently acquired a strategic stake in US-based, Manhattan Harbor.
Flagstone is an FCA authorised and regulated fintech company (FCA reference numbers 676754 and 605504) located in London and founded in 2013. Flagstone’s online cash deposit platform enables companies, charities and individuals to earn more interest and reduce risk through diversification. Completion of a single application gives the client access to over 550 deposit accounts from 32 different banks and enables them to research and open accounts in just a matter of key strokes. The platform puts clients in control of their cash, giving them access to market-leading and exclusive rates from a growing panel of UK banks, consolidated reporting and regular new rate alerts to ensure that their cash is working as hard as possible for them 24/7. For more information, see www.flagstoneim.com or watch a short film explaining what we do and how it benefits clients by clicking here.
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 (i.e. £85,000 per individual depositor per authorised institution) as if the client placed the deposit directly with the bank.