Platform paper: Independent firms can use single platform 'for most clients'

Advisers who wish to be independent post RDR can use a single platform for the 'majority' of their clients if it is in their best interests, the FSA proposes today.

In its consultation paper (CP) on platforms, the FSA appeared to backtrack on the approach in its March discussion paper (DP) when it warned a firm with a varied set of customers is unlikely to be able to use a single platform for all their customers. But today it says: "Assuming that use of a platform is in line with the client's best interests, and leads to advice that is suitable, we accept that an independent firm may be able to use a single platform for the majority of their clients." However, the FSA says a number of concerns arise with this approach and it would expect that ...