ISA provider The Children’s ISA (TCI) has migrated its 126,000 ISA and Junior ISA accounts away from Embark to white label platform provider Quai Digital.

The transfer is believed to be one of the largest completed migrations out of platforms using platform engine FNZ, with migrated assets of around £400m.

TCI had been using Embark for platform management services for nine years.

Quai Digital is powered by Barclays-backed platform engine WealthOS. The platform oversees £2.5bn of assets under administration on behalf of 450,000 retail customers in ISAs, GIAs and SIPPs.

The transfers completed in August, seven months after contracts were signed in January and five months after the migration began.

Mark Albinson, founder of TCI, said it chose to shift platform provider due to needing the scalability to modernise and expand its operations.

He said: “Where others struggled to move fast or handle inflexible processes, Quai was always responsive, pragmatic and had a consistent willingness to find workable solutions, always with the protection of the end-investor in mind.”

Anton Padmisiri, co-founder and CEO of WealthOS, said he expects a growing number of wealth management firms to shift their platforms of choice away from those powered by FNZ, GBST and other dominant platform engines in the wealth space.

He said: “The UK’s wealth management market is over-reliant on a handful of incumbents, creating significant concentration risk. As the regulator looks to address these risks and spur competition, wealth management firms are being forced to think differently and find alternative technology and operational partners they can trust.”

Lloyds Banking Group bought the Embark business for £390m in 2023. The platform holds around £38.8bn of assets under administration and 539,000 individual accounts.