Platforms need 'sense check' on compliance - Addidi

Nicola Brittain
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Platforms have adopted a lot of new and unnecessary regulatory processes and need to step back and take a "sense check", according to one wealth planner and chief executive.

Addidi Wealth Management chief executive Anna Sofat has argued that since the Retail Distribution Review (RDR), platforms are demanding increasing volumes of paperwork and unnecessary tick-box exercises. She said that they have moved from being very lightly regulated and putting the adviser at the heart of the investment process, to the opposite of this. "They [platforms] seem to have become far more focused on compliance since the RDR. Sometimes the requirements make sense and sometimes they make absolutely no sense." "In the last four months I have had to have more than a dozen c...

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