Standard Life is to move 120 service staff working for its Elevate platform to support provider FNZ.

Standard Life says that the move strengthens its existing partnership with FNZ which already provides admin support for the platform and many other UK platforms.

Elevate is one of three platforms owned by Standard Life with the others Standard Life Wrap and Parmenion, part of Aberdeen Standard Investments.

There has been recent speculation of the platforms being merged or sold off but Standard Life has insisted it will retain Elevate.

The Elevate staff are currently based in Basingstoke and will remain there in FNZ offices.

A Standard Life spokesman said: “We are always working to improve advisers’ experience with our platforms.  We are strengthening and extending our existing strategic partnership with FNZ. This means a number of servicing role colleagues will be transitioning to FNZ.

“Advisers will deal with the same teams, who will continue to deliver our highly-rated service. The development of our partnership will enhance our process innovation and operational delivery, creating a more efficient platform business, even better equipped to support advisers and their clients for the future.”

FNZ recently made the headlines after the Competition and Markets Authority ordered it to sell off rival company GBST it acquired recently.

Standard Life acquired Elevate from AXA in 2016. Elevate announced recently it would add a range of DFMs.