Mark Polson: the FCA just went on the platforms warpath

PLATFORMS

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I remember reading Callum McCarthy's famous Gleneagles speech back in 2006 or so, where he pretty much said that the industry was corrupt and was not only hurting customers but hurting itself. We've been on a trajectory from that point to today, I think.

PS13/1 is a profoundly disturbing paper in that it changes the platform industry forever. The commercial models which built about two-thirds of the AUA in the market are now a goner - or at least will be by 2016. That's a massive change, and one which won't be fully understood for a while. The journos have, as ever, done a great job at picking out the headlines and key impacts of PS13/1. So for this piece I'll have a look at some of the more behind-the-scenes stuff and consider some of the less obvious impacts. First, the FCA has been really clear about client impact. They seem ...

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