More than 1,700 due diligence requests have been fulfilled by the new online due diligence fintech service DD DD|hub during its first year.

Some 18 discretionary fund managers signed up to support the service at launch in February 2019 including Quilter Cheviot, Sanlam and AJ Bell as well as 100 IFAs.

The free service claims to help advisers outsourcing to discretionary investment managers undertake required due diligence post MIFID II.

DD|hub stores widely-used due diligence questions, giving advisers access to due diligence responses from discretionary investment managers. The aim is to speed up compliance.

The service was set up by former Defaqto founder David Lee and Chris Jones, formerly strategic partnerships director at SIPP provider Suffolk Life.

Mr Lee said: “Adviser feedback is excellent and we’ve had the regulatory tail-wind of PROD, requiring advisers to rethink their investment proposition. Advisers have told us how helpful it is to get data delivered immediately, online, so they can make progress quickly.”