Adviser platforms are starting to offer their public reactions to the FCA's market study interim report - largely with praise for the regulator, while choosing to focus on different aspects.
Aegon, AJ Bell and 7IM have all been proffering their opinions, although it was only the latter two that gave their full penny's worth on platform switching. The Financial Conduct Authority (FCA) recognised in its interim report there were "significant barriers" to switching, with advisers on average putting in six hours of extra work that costs clients an average £700 in extra charges. The regulator said it wanted to see progress from the sector in this regard, otherwise it threatened to introduce "sunlight remedies", such as naming and shaming platforms who take too long or even "a ...
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