As the FCA turns its attention to platforms' profitability, for the third part of this series Tom Ellis highlights how hard it can be to find out even the simplest financial information about these businesses.
Naturally, with the FCA asking what contributes to the profitability of platforms, the first thing I did in preparation for this piece was to go digging through the latest company reports for adviser platforms profit/loss figures to see where each stands in the market. Looking through all this financial information, however, I could only find reliable figures for around half the market. Below is a graph of the advised platform market - excluding newbies Embark and Hubwise - that shows whether each platform is profit or loss-making - or if that information is not wholly available. A...
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