SimplyBiz has bought back 10% of the group from Standard Life for an undisclosed sum.

Standard Life had originally acquired a 10% minority holding in 2006.

Ken Davy, chairman of the group, said: “Completing this share buyback ensures that our business is well positioned as the largest independent provider of compliance and business services to financial advisers in the UK.

“Our seven-year relationship with Standard Life as minority shareholders worked well for both parties. However, we are pleased to be in a position where we are able to buyback these shares so that we can focus on building the business independently of any product provider ownership.

“I am sure this will be well received by the firms we serve and we look forward to continuing to grow our business.”