Providers attempting to avoid being classified and regulated as platforms could see additional rule changes from the Financial Services Authority (FSA), according to its head of investments policy.
Speaking at the regulator's asset management conference yesterday, David Geale said platforms had told the FSA that some other providers recognised they too were effectively operating as platforms. "One of the questions that continues to be asked is: 'What is a platform service?'" he said. "We set out a glossary definition so whether firms are caught or not is a matter of fact. Firms should consider carefully whether they are in the definition or not. "It's also been put to us by some firms that other firms are thinking about the definition, feel that they are being [defined as one...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes