DD|hub has revealed more than 260 firms have signed up to it in the first three months of the due diligence service’s existence.

Since the launch, in February, more than 550 due diligence questionnaires have been requested and reviewed by advisers DD|hub confirmed.

Director David Lee said he was “very happy with the way things are progressing” and described the increase in demand as “a dramatic pick up in both the number of advisers using the system and discretionary managers making their data available”.

Chris Jones, also a director, said: “We reckon most DDQs take at least a day for an investment manager to complete so this is a fantastic saving for investment managers.

“Additionally advisers get instant answers and a framework to analyse and record their work.”
 
Mr Lee added: “We have been overwhelmed by the positive comments from advisers and investment managers alike.

“Comments like ‘This is manna from heaven’ and ‘It’s such a work saver – it’s brilliant!’ have made the time and effort expended in building the system worthwhile.”
 
DD|hub is a free-to-use service to help financial advisers with DFM due diligence.

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

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