Wraps Platforms: Getting it right the first time

Having addressed the risk of product and provider bias with the introduction of adviser charging, the FSA does not want to see platform operators giving monetary (or non-monetary) benefits that might result in unnecessary switching onto or between platforms. Neither does it want to see platforms bec...

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Bibliographic Details
Published inFinancial Adviser
Main Author Mills, Geoff
Format Journal Article Trade Publication Article
LanguageEnglish
Published London Financial Times Ltd 15.11.2012
The Financial Times Limited
Subjects
Asset allocation
Business models
Cost control
Financial planners
Government regulation of business
Professional fees
Qualitative research
Regulation
Wrap accounts
United Kingdom > UK
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Summary:Having addressed the risk of product and provider bias with the introduction of adviser charging, the FSA does not want to see platform operators giving monetary (or non-monetary) benefits that might result in unnecessary switching onto or between platforms. Neither does it want to see platforms becoming a channel for commission-like payments from product providers - especially as many of the platform operators are themselves product providers or are owned by them. In light of this, it is a good time for advisers to take a look at their own platform arrangements. While many firms have successfully implemented a platform solution in their business, the latest FSA papers provide additional areas for action that, if implemented, could prevent future regulatory censure.
ISSN:0953-5276