FSA repeats call for firms to improve platforms due diligence

clock

The FSA today said adviser firms' approach to platform systems and controls continues to be a " particular area of concern" as AIFA launched a platforms due diligence guide for members.

Speaking at a launch event in London, FSA representative Rory Percival said firms needed to ensure they were up to speed on this important issue. "Firms need to look at how their businesses are developing and ensure oversight arrangements are up to date," he said. Systems and controls is a particular area of concern, said Percival. "When we did our thematic review earlier this year, of the firms we visited this was a failing in every firm to a greater or lesser extent." Findings published in March found firms failed to carry out adequate due diligence or "align their platform wi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

FNZ launches adviser-focused AI tool as personalisation demand grows

FNZ launches adviser-focused AI tool as personalisation demand grows

Generative AI solution intended to cut admin time and help advisers meet Consumer Duty standards

Sahar Nazir
clock 19 August 2025 • 2 min read
Scottish Widows' Bold predicts adviser 'flight to trusted quality' in fragmented platform market

Scottish Widows' Bold predicts adviser 'flight to trusted quality' in fragmented platform market

‘There will be potential platform consolidation’

Jenna Brown
clock 18 August 2025 • 6 min read
Aviva platform net flows climb 28%

Aviva platform net flows climb 28%

Driven by higher adviser client retention and expanding direct wealth channel

Sahar Nazir
clock 14 August 2025 • 2 min read