FSA to exclude advice platforms from reforms
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The FSA says wealth managers and advisers who provide administration services to clients will not be considered as offering platform services.
In its consultation paper on the platform market published today, the FSA proposes to define what constitutes a platform service and what firms would be classed as platform providers.
The FSA says although wealth managers and advisers may have custody of client investments and carry out reporting, this does not necessarily mean they are necessarily providing platform services.
The FSA says: “To ensure that wealth managers and advisers are not subject to our rules where this is not appropriate, we propose to exclude from our definition those services that are solely paid for by adviser charges and those services that are ancillary to investment management.”
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