IFAs forced to 'second guess' platform rules

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A lack of clarity from the FSA about advisers' use of platforms means firms have to "second guess" the regulator's requirements, according to The Platforum managing director Holly Mackay.

The suitability of risk profiling tools and whether advisers who use a single platform can call themselves independent are among the issues advisers continue to be uncertain about, Mackay said. How much due diligence should be carried out on platforms and where VAT is and is not chargeable are other grey areas, she added. "There is a lot of confusion and IFAs feel they are second guessing what the regulator wants," she said. "We did not speak to one adviser who felt clear on the position of VAT. There is so much change going on advisers feel they are being hammered on all fronts." ...

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