Platforms have already undergone a thematic review by the Financial Conduct Authority (FCA) earlier in the year, which focused on specific areas of cost, risk and whether using them entailed a loss of benefits. The vast majority of new money is heading onto platforms, which suggests that the FCA is likely to keep a keen eye on their use.
It is therefore important that advisers do not become complacent about the use of platforms. This can be bundled together with the much broader argument about whether advisers are explaining the overall benefit of advice and services clearly enough to their clients.
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Harry Kerr is managing director of Avalon Investment Services
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