FCA proposes 'in specie' transfers and unit class conversions to improve platform switching

Proposed changes to effect from 31 July 2020

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The FCA wants to make it unnecessary for platform customers to have to sell down their holdings to transfer to the same fund, but different share class
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The FCA wants to make it unnecessary for platform customers to have to sell down their holdings to transfer to the same fund, but different share class

The regulator has proposed that platforms must offer clients the option of 'in specie' transfers so investors do not have to sell down their holdings to own the same investments after switching to a new provider.

In a consultation paper published alongside the final report of the Financial Conduct Authority's (FCA) platform market study, the regulator said it also wants platforms to take steps to bring about unit...

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