The FSA has raised concerns that advisers are adopting a "one size-fits-all" approach to platforms and not adequately managing conflicts of interest.
In its latest Retail Conduct Risk Outlook, the regulator flagged up a number of risks associated with using platforms, which it said it would continue to monitor as an adviser take-up increases.
It said said some advisers are adopting a "one-size-fits-all" approach to platform usage rather than adequately considering the suitability of the overall investment solution including product, funds, platform and advisory services.
It also flagged concerns advisers are viewing platforms as default options and not adequately considering the whole of market, and particularly off-platform products, when advising clients.
In addition, it said advisory firms might not be properly managing conflicts of interest when using platforms.
In terms of platform providers, the watchdog highlighted concerns that platform charges do not always provide a complete description of total costs and said greater disclosure was required.
It also sounded a warning over the growing popularity of corporate wraps.
"These are primarily aimed at the non-advised employee market, which could be considered a captive one," the FSA said. "This may result in consumers being less engaged with the investment options and they may pay for services they do not need."
It said providers of corporate wraps need to consider the particular information needs of their target market.
These concerns over how advisers use platforms are not new - the regulator identified many of them last year. But it said it continues to monitor the potential risks as platform usage increases.
The platform market has grown from £156bn in IFA assets in the first quarter of 2011 to £168bn by the end of the third quarter. The retail distribution review (RDR) will likely further fuel the market's growth, added the regulator.
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