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Platforms face huge initial and annual costs

The platform industry and associated firms face total one-off costs of £55.4m and £48.4m annually to comply with its platform policy statement.

The regulator estimates that platforms will have to meet £40.4m of the costs, while fund firms will pay £2.9m. Other firms classed as intermediate unitholders such as Isa and Sipp providers will pay £12.1m. Ongoing costs across the industry are estimated to be £48.4m annually, with platforms paying £20.4m and intermediate unitholders £28m. Fund firms and advisers are not expected to face ongoing costs.

The FSA says: “We do not believe advisers will incur costs additional to those they will incur to comply with other RDR requirements. The usual due diligence process will apply to advisers whether or not their clients invest through a platform, and therefore we would expect advisers to go through very similar processes when they are using a platform compared with investing directly.”

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