AISP status means that Intelliflo can continue to aggregate information from client's bank accounts

This capability, available via the Personal Finance Portal (PFP), enables advisers' clients to review the daily balances on their bank and other accounts, providing them with a holistic overview of their finances at any time.

Intelliflo already has an integration with Yodlee, providing client data via screen scraping, which therefore required the firm to seek authorisation to continue to carry out the activity, in line with the Payment Services Directive (PSD2), which comes into force in September.

The FCA registration means Intelliflo can expand use of Open APIs that enable third-party developers to build applications and services that deliver what the firm called “enhanced connectivity for advisers' clients to a broad range of financial products and services”.

Nick Eatock, Intelliflo's founder and executive chairman, said: “Being able to integrate bank account information into PFP via Open Banking means our adviser customers will be in a position to offer their clients a full overview - and full control - of their finances.

“We firmly believe that this service represents a step forward in the way that UK investors are able to access and interact with their finances, better enabling them to control their outgoings and savings from one central hub. 

“Crucially, it also enables a more holistic view for the adviser in terms of the FCA's Know Your Customer (KYC), which helps advisers to deliver good advice outcomes. 

“It is also a significant step forward in helping support the ongoing suitability requirements of MiFID II.”