The chief executive of a Sipp provider has said his firm will steer clear of becoming a direct competitor in the platform market despite an alliance with a wrap platform tech company.

Hornbuckle announced it would be working with FNZ last week to create a portal for administering UK Sipps and SSAS.
Phil Smith, chief executive of Hornbuckle, said the portal would be quite different.
It is designed to enable regulated advisers, wealth managers, private banks and direct to consumer intermediaries access to pension administration, investment services and self-service tools for traditional and non-traditional asset types.
FNZ designs, builds and supports wrap platforms.
Asked if this meant a move into the platform market for Hornbuckle, Mr Smith said: "No is the short answer."
He told Sipps Professional: "We are not the nominee, we are not planning to be a direct nominee competitor.
"That's not our approach. It's going to go through a hell of a competitive period and there'll be a shakeout of the market, its inevitable, it's a protracted market.
"There are too many people chasing too little a business.

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"Our focus is absolutely about the retirement space and the retirement space only.
"We are not trying to be a one stop shop, we're just trying to put technology in place for our client base. Our business is the bespoke pension market."
He said: "Our big driver is that we want to put investment choice both directly into hands of adviser clients or those without advisers to make it super transparent and give them the tools to do so.
"We think it's the most transparent tool to look at what's permissible in a Sipp,
what it takes to do it is all very clear without (the customer) ever having to pick up the phone.
"It's there in the public domain, we live and breathe by what it says there, it's that transparency.
"The driving force is providing the broadest set of investment choices for pension members."
Mr Smith said the firms were "a perfect match" and "see the market in the same way".
He said establishing the project will not be hurried.
He said: "We are mindful that this won't be slammed into business but will be rolled in. We're not in any rush to do it, we're happy with how we do it today."