Fintech Nucleus Financial poised to reach 100,000 customers

Nucleus Financial founder and chief executive David Ferguson welcomed the FCA's plans to make switching platforms easier. Picture: Lisa Ferguson
Nucleus Financial founder and chief executive David Ferguson welcomed the FCA's plans to make switching platforms easier. Picture: Lisa Ferguson
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Customer numbers at Scottish fintech Nucleus Financial are expected to have edged closer to the 100,000 mark when the investment platform company reports full-year figures on Tuesday.

At the end of last year, the number of individual investors using the Edinburgh-based platform stood at 93,715, up 7 per cent on 2017, with the number of financial advisers using it increasing by 6 per cent during the year to 1,396. Assets under administration were £14.2 billion when the company last provided an update in January, but with the recovery seen in markets since then that figure is also expected to have edged higher.

Earlier this month Nucleus chief executive David Ferguson, who founded the business in 2006, welcomed the Financial Conduct Authority’s plans to make it easier for consumers to switch investment platforms. The watchdog’s proposals include a ban on exit fees.