View more on these topics

One platform OK for most clients

The FSA has confirmed that IFAs can use a single platform to service “the majority” of their clients as long as it is in line with clients’ best interests and leads to suitable advice.

In its consultation paper on platforms, published last week, the FSA says: “Assuming that use of a platform is in line with the client’s best interests and leads to advice that is suitable (and it is crucial to note that use of a platform will not be the right solution for every client), we accept that an independent firm may be able to use a single platform for the majority of their clients.

“However, a number of concerns arise with this approach and we would expect that when an independent firm uses one platform for the majority of its clients, it ensures that the platform does not hinder the firm’s requirements to meet the independence rules.”

The FSA says it does not expect a platform to hold every retail investment product in the market as long as advisers consider off-platform investments “where appropriate”.

The regulator adds that if a company is going to use services such as guided architecture or model portfolio tools, it expects the firm to take steps to ensure that the tools are “unbiased”.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm