Kingswood partners with Flagstone to launch new cash platform proposition

• 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.”