The Financial Services Consumer Panel (FSCP) is investigating platforms' recording of client transactions, following concerns consumers will be left with no investment history if providers go bust.
Rumours are rife the platform market is currently over-crowded and due for consolidation with some providers potentially in trouble as their regulatory burden intensifies. Michelle Cracknell, a former IFA and an associate director of consultancy firm Bluerock which recently conducted research for the FSCP, said the Panel is increasingly concerned if that happens platforms will not be able to provide clients with their investment history. "The Panel is discussing whether platforms should have a legal requirement to keep users' information in an Escrow account. "At the moment all ch...
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