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Platforms push for extension to FCA market study deadline

Data-map-planning-strategy-business-2013.jpgPlatforms are wary of deadlines set by the regulator to submit information for its market study, with some looking for an extension, Money Marketing understands.

It is understood some platforms have requested more time to submit information to the regulator. The first tranche of data was due to be submitted on 18 October and the last tranche is due on 6 December.

The regulator sent platforms its formal request for information after first sending a pilot questionnaire in August. Money Marketing understands the final questionnaire has around 150 individual questions and the regulator is seeking approximately 1,000 data points.

One senior platform source says those firms that are asking for an extension are likely doing so because of the short timeframe rather than any issues with the information the FCA wants to collect.

The source says platforms have also recently had to gather data for the retirement income study and the asset management study, and they are working towards Mifid II.

The source says: “It is not the what being asked for, it is the when. It is the volume.”

Adviser platforms contacted by Money Marketing said they were on track to file the information in time for the FCA’s deadline.

Money Marketing understands Aegon, Novia, Standard Life and Zurich all expect to submit the data on time

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. The Regulator is becoming something of an enigma. On the one had they obsess and seek micro manage all aspects of our section of financial services – with the obvious exception of flaky products and scammers.

    But worst of all they seek to trash the reputation of the city by trying to push the Aramco deal down the throat of the Stock Exchange.

    As Sherlock Holmes so succinctly put it: “When you have eliminated the impossible, whatever remains, however improbable, must be the truth.” And it would appear that the Regulator is not quite as independent as it and Governments like to make out. I think it is far from improbable that there is intervention in high places to allow the Saudies to stich up the Square Mile.

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