DD|hub, a new free-to-use service to help financial advisers with DFM due diligence, has launched today.

The company says it aims to cut out the “lengthy delays and inconsistent responses IFAs” have suffered when researching investment services.

Some 18 discretionary managers have signed up to support the service at launch including Quilter Cheviot, Sanlam and AJ Bell as well as 100 IFAs.

The new service claims to ‘revolutionise’ the way in which advisers outsourcing to discretionary investment managers undertake the required due diligence post MIFID II.

It says the new charge disclosure rules are triggering some advisers to re-evaluate their investment proposition.

DD|hub stores widely-used due diligence questions, giving advisers access to due diligence responses from discretionary investment managers.

The firm says this should cut out the “delays and inefficiencies” of traditional questionnaires.

It also allows advisers to create their own question sets and manage and record their due diligence process to create a compliance record.

Former Defaqto founder David Lee, director of DD|hub, said: “Unlike the due diligence templates that litter the market, DD|hub has been built to help advisers keep on the right side of the regulatory fence.

“The system provides a framework in which the adviser can select the questions that are most appropriate to their clients, manage the due diligence and selection process, store their work and monitor selected discretionary managers for any changes.”

DD|hub has been created by David Lee and Chris Jones, formerly strategic partnerships director at SIPP provider Suffolk Life.

DD|hub can be accessed here: https://www.ddhub.co.uk/