The FSA should not have a role in whether advisers should use more than one platform or wrap provider, says Towry Law Group chief executive Andrew Fisher.
Speaking at a wrap panel debate at Osney Media’s financial services distribution summit, he said: “The FSA saying advisers should consider using more than one platform is nonsense. I am not going to have my regulator telling me what hardware or software I can use and it is the same with platforms.”
The debate also looked at the issue of transparency. Seven Investment Management marketing director Justin Urquhart Stewart said transparency is an essential part of wrap but Standard Life distribution strategy manager Peter Jolly said there are arguments for and against it.
Jolly said: “There is only so much information the consumer can cope with. We decided early on to have the product price which includes fund management charges and another price for the advice. In hindsight, this may not have been the right decision. We will continue to review this.”