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Cummings’ fears have been allayed

Outgoing Aifa director general Chris Cummings says he had misgivings over the use of platforms, fearing their take-up would lead to generic systems being forced on advisers.

He said these worries were the catalyst for producing the Aifa guide and believes his concerns have now been addressed.

He likened the emergence of the UK platform market to the introduction of the FSA’s treating customers fairly initiative.

Cummings said that the TCF principles were seized on by compliance consultants who approached IFAs promising “a TCF solution in a box” but the FSA ultimately decided it was up to individual firms to make their business compliant.

He said: “My big fear was generic solutions would be presented to individual firms who needed a bespoke and tailored solution. This is notnecessarily about choosing a single wrap platform, it is about advisers making the right selection for them, whether that is having two or three platforms if that is right for their business.”

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