FSA cautions on platform shareholdings

Arthur Childs, managing director of Arch Financial Planning, said the regulator indicated it was unhappy about the situation at one of its RDR surgeries at Canary Wharf last week. "It did not like the idea that we owned shares in [wrap platform] Nucleus, even though it appreciated it was the only way we could deal with them" he said. "It said if you put 80% of your business with a company you held shares in, they would want your justification to be much stronger than otherwise." While 49% of Nucleus is owned by the wrap's institutional backer Sanlam, the remaining 51% is owned by p...