Octopus-owned investment platform Seccl has launched a fully digital and paperless drawdown SIPP.

It follows the launch of the platform's accumulation SIPP at the end of last year.

The SIPP is being offered to clients on a white-label basis, with Seccl providing the underlying custody and wrapper administration.

However, the technology also allows the new drawdown SIPP to be used on a standalone basis by other custodians or SIPP administrators, or fully embedded via API into other applications.

Seccl built the drawdown SIPP in house on API-first principles.

The drawdown SIPP is currently only available on an advised basis, and priced at 0.10%, up to a maximum of £120 per year.

James Holmes, chief commercial officer at Seccl, said: "The pension drawdown process still takes far longer than it should – and creates too much opportunity for manual error. It’s why we set about building what we think is the market’s first fully automated drawdown SIPP – one that removes all back-end manual processing and helps advisers to more quickly, easily and flexibly manage their clients’ drawdown journeys."

Ian McKenna, CEO and founder of Financial Technology Research Centre, said: “The platform market is at a pivotal point. For far too long, monolithic platforms have consistently failed to deliver the type of innovation advisers need. Seccl’s move is significant. Although it does need advicetech firms like practice management systems, asset allocation and rebalancing tools providers to work with them, there are huge mutual benefits.

“Since RDR, advisers provide advice and do not need to sell other people’s products. Across the advice tech market, suppliers are mobilising to deliver the benefits advisers need to remain competitive in a world of increased margin pressure. It is stunning how many major institutions have not grasped this.

“Many of the largest platforms are writing their own obituaries through their obstinacy and arrogance. This is classic Darwinism; it will not be the largest or the most powerful who will survive but those who can best adapt to a changing environment.

“The advice community itself has been written off many times in the past, but has thrived due to its ability to adapt. New platform technology providers are demonstrating the same will be true in their market. Seccl is making a reality of what so many others have talked about for so long, the difference being Seccl is actually delivering.”