Platform Investing No Active Advice

Platform Investing No Active Advice.

At the PIMS conference this week, a Platforum director claimed that there are around half a million people who are on advised platforms with assets and have had no changes on their accounts in years.

It is thought that around 2.8 million people in the UK are on advised platforms with assets and have seen no changes to their accounts, this means that the FCA platform legacy payment ban investments will have to be moved into unbundled share classes.

This is hidden 'commission' in all but another word and the ban is due to be introduced in 2016.

Our View

It is the duty of the FCA to protect the consumer.  We are, and have always been, an advisory service.  We earn the fees that are paid to us by investing clients whether that is on a direct, pure fee basis, or via a charge deduction from an investment.

It is abhorent to us that any investment firm would take fees from a clients investment for ongoing services and not offer or deliver any service.