Platform rules: A tale of FSA U-turns

June 2007 Following the launch of the Retail Distribution Review (RDR) by Sir Callum McCarthy in 2006, the Financial Services Authority (FSA) publishes its first discussion paper on platforms - ‘Platforms: the use of wraps and fund supermarkets' (DP 07/2). "The industry has recorded significant growth in the adoption and use of wraps and fund supermarkets by intermediaries," the paper began. "At present, our handbook does not contain any references to platforms, but our initial analysis suggests that specific rules and guidance may not be needed." March 2010 Three years later, ...