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

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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 on board the Aurora last week, The Platforum managing director Holly Mackay said there are around 3.8 million people with assets on advised platforms in the UK.

Mackay said: “We think 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.

Capital Asset Management chief executive Alan Smith says: “These consumers will have to be moved into a clean share class and either start to pay an adviser charge or take their business through direct channels. This will ensure advisers are only being remunerated if they are giving an ongoing service, which is the right thing to do.”

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