Platforms will fall under principles-based regulation - FSA

In its feedback response to the June 2007 Platform Discussion Paper, the regulator says detailed rules “risk stifling innovation” and would likely become out of date quickly in the rapidly developing market. However, the FSA says it remains concerned about a number of potential platform risks, including increased complexity and costs for consumers following platform adoption and conflicts of interest for advisers. The regulator is also concerned advisers may not always have the “appropriate competence” to provide investment advice through a platform. It says it will monitor platform prov...