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FCA platforms market study: Again, this comes down to value, transparency and labelling

FCA platforms market study

Richard Clarke, Partner and Wealth Management lead for KPMG UK, comments on the FCA’s investment platforms market study interim report.

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Richard Clarke, Partner and Wealth Management lead for KPMG UK, comments on the FCA’s investment platforms market study interim report:

 

“Once again the issues the FCA has identified come down to value, transparency and appropriate labelling.

 

“Today’s proposed measures link the whole value chain by putting an obligation on both the platforms and firms to assess and disclose value for money. If done appropriately, this will be great news for the end customer, but it will remain to be seen how aligned the value for money assessments are between firms and the platforms.

 

“The sector has also been given clear suggestions around switching, how it should happen, how long it should take and crucially banning exit fees.

 

“There are a lot of rules and guidelines in place already on costs and charges, but the regulator has made it clear they won’t shy away from introducing more if the industry is seen to be falling short.”

 

 

ENDS

 

See the FCA paper: https://www.fca.org.uk/publications/market-studies/ms17-1-investment-platforms-market-study

 

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Christina Bridge, KPMG Corporate Communications

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E: Christina.Bridge@KPMG.co.uk 


KPMG Press Office: +44 (0)207 694 8773

 

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