Platforms are finished, hard-hitting report suggests

Price and proposition pressures weigh on platforms, but do retirement reforms offer hope?

Scott Sinclair
clock

Price pressures, poor back-office systems, and outdated front-end technologies are raising questions about the viability of the UK platforms market as we know it, a provocative report has suggested.

Though assets continue to climb, many platforms are stuck in an Internet Explorer age with propositions likely to disappoint today's digital-first customer base, according to the latest ‘State of the nation' report by consultancy the lang cat, entitled ‘Platforms are dead'. Mike Barrett, consultancy director at the lang cat, said: "We're convinced that platforms - at least in the guise that we've known them for the last decade and a half - are dead." With most of the sector's 25 platforms now operating for at least a decade, more should be running at a profit and with clear strategic ...

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

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Platform innovation: Terry Huddart on 7IM's Online Reporting

Platform innovation: Terry Huddart on 7IM's Online Reporting

'It's a fundamental upgrade to the client area of the platform'

Terry Huddart
clock 24 October 2025 • 6 min read
AJ Bell reports record platform AUM of £103bn

AJ Bell reports record platform AUM of £103bn

AUM and customer numbers both up 19% in the year

Jenna Brown
clock 23 October 2025 • 3 min read
Private markets for the mass affluent: How wealth platforms can scale access

Private markets for the mass affluent: How wealth platforms can scale access

‘The opportunity is clear’

Borja Largo
clock 15 October 2025 • 5 min read