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PIMS: Half a million people on advised platforms have seen no portfolio changes

The Platforum says around half a million people with assets on advised platforms have not had any changes to their accounts in the last three years.

Speaking at the PIMS conference onboard the Aurora today, The Platforum managing director Holly Mackay said there are around 3.8 million people with advised platforms and over 10 per cent have had no changes to their portfolio for three years.

Mackay said: “We think there are around 3.8 million people with assets on advised platforms in the UK and around half a million of those accounts have not been touched for at least three years.”

As a result of the FCA’s platform legacy payment ban, due to be implemented in 2016, these investments will have to be moved into unbundled share classes.

Mackay says this means the accounts are set to see a lot of movement in the next two years either to other advised platforms or to execution-only offerings.

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