The FCA has reduced the amount of client information it will collect from platforms as part of its market study after sparking data protection concerns with its initial questionnaire.
The regulator has now sent its formal data request to platforms after sending them a pilot questionnaire in August asking for feedback on the information it was considering collecting. The pilot asked platforms to supply detailed client information including customers’ names, addresses and ages, whether the customer was advised or non-advised, how often they had transacted, the value of the customer’s funds on the platform and how much they had been charged over certain periods.
However, Money Marketing has learned the regulator has pulled back on the amount of client data it will require from platforms as a result of feedback received after the pilot questionnaire.
Platforms no longer have to provide clients’ names and email addresses.
However, the FCA still wants to know client ages, whether they are advised or not, how long they have been on the platform, which wrappers they use and the value of assets they hold.
The timeframes for supplying the information have also been set out by the regulator.
Money Marketing understands the FCA expects to receive an initial set of client data in October, with the rest to be submitted by the end of November or early December.