Capita Financial Software is developing an “on-off” platform comparison service as part of its Synaptic Comparator tool.

The service, which Capita intend to launch by Q4, will enable advisers to consider all types of products, not just those on platforms.

Capita says it is asking people to consider if they need to be on a platform or would it be more beneficial to use off platform products or open architecture investments.

Open architecture investments are those where a client can have a choice of products issued by various institutions.

This will help advisers to fulfil the FSA’s rule in CP10/29  which recommends advisers “continue to consider off-platform investments where applicable.”

The Synaptic Comparator currently gathers data for 20 platform charging structures and over 300 wrappers including Sipps, Isas and personal pensions.

Capita Financial Software sales director Jonathan Phillips, said: “It’s clear the FSA is keen that advisers not only consider which platforms are suitable for individual clients, but that they also review whether platform investment is, in fact, the most suitable approach.”

The service was announced at the recent Capita Due Diligence day which was attended by over 120 people.

Speakers from The Platforum, AXA Elevate and Aviva discussed topics such as platform selection, client segmentation and regulation.

Holly Mackay, managing director of The Platforum, said: “The FSA has been clear about the importance of platform due diligence. We get some many questions about this and can see that it’s really topical and important.”