As it prepares for flotation on the London Stock Exchange this summer, European insurer Standard Life is set to invest GBP30 million in developing a new 'wrap services' platform, according to a report by The Scotsman.

The Scotsman reported that the group has hired a team of 50 specialist financial planners from First New Zealand Capital, a provider of wrap technology, and relocated them in Edinburgh to help build the new saving and investment platform.

The new platform is designed to allow savers to hold all their savings and investments, including those they have with other firms, in the one ‘administrative basket’. The Scotsman claims the insurer is investing in this new product with a view to building new business and giving a much needed boost to with-profits policies.

The platform is expected to be rolled out at the end of the first quarter and although it will only initially be available to selected independent financial advisers and intermediaries.