Nucleus founder David Ferguson takes Treasury fintech role

David Ferguson, the founder of wrap platform provider Nucleus, is to help Scotland boost its fintech industry following a Treasury appointment.

Louise Smith, head of design and transformation at Royal Bank of Scotland, also has been jointly appointed as a “regional fintech envoy” with Ferguson.

The UK Treasury wants the pair to create networks regionally and nationally for better collaboration between fintech companies, investors, government, and regional fintech hubs.

Ferguson, who will continue as chief executive at Nucleus, will also identify market failures and obstacles to innovation.

Ferguson said that “one of the hardest things to get right” for fintech firms is to be profitable while balancing the responsibilities of looking after people’s money with the agility of the tech sector.

Ferguson said: “Over ten years ago we embarked on our mission to challenge the established industry. With technology and transparency at the heart of our thinking, we’ve been fortunate enough to become a successful and profitable player in what we now call fintech.”

Nucleus, which he founded in 2006, is used by about 900 financial advisers and has around £10 billion (€11.7 billion) of assets of assets under administration.

©2016 funds europe

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