FSA: Firms dodging platform rules will be punished

Providers attempting to avoid being classified and regulated as platforms could see additional rule changes from the Financial Services Authority (FSA), according to its head of investments policy.

Speaking at the regulator's asset management conference yesterday, David Geale said platforms had told the FSA that some other providers recognised they too were effectively operating as platforms. "One of the questions that continues to be asked is: 'What is a platform service?'" he said. "We set out a glossary definition so whether firms are caught or not is a matter of fact. Firms should consider carefully whether they are in the definition or not. "It's also been put to us by some firms that other firms are thinking about the definition, feel that they are being [defined as one...