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Price pressures, poor back-office systems, and outdated front-end technologies are raising questions about the viability of the UK platforms market as we know it, a provocative report has suggested.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

Platform functionality: Beware change for change's sake

'It's all too easy to end up in the realm of bolt-ons and fripperies'

Steve Andrews
clock 26 June 2026 • 4 min read
Vanguard UK Platform Awards – Last day to vote

Vanguard UK Platform Awards – Last day to vote

Last chance to vote across several categories

Clive Waller
clock 26 June 2026 • 1 min read
Most advice firms only 'somewhat satisfied' with platforms' data

Most advice firms only 'somewhat satisfied' with platforms' data

According to NextWealth’s Data Openness Report 2026

Sophia Panayi
clock 18 June 2026 • 2 min read