FSA 'in theory' policy on single platforms risks independence

Laura Miller
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A single platform will not meet the needs of the majority of clients at any firm that wants to call itself independent, a compliance specialist has warned.

Advisers had taken comfort from the FSA’s decision, published in a policy paper this week, not to bar firms using a single platform from meeting its independence criteria. However, in the same paper, the regulator also said it would be concerned if firms claiming to be independent made “extensive” use of a single platform, or those which are paid a rebate by providers. Dale Thornley, of compliance firm the Alliance of IFAs (ALIFA), warns that what the FSA has stated as possible “in theory” is, in reality, unattainable. He said: “I cannot envisage circumstances where only one platfo...

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