A significant proportion of advisers are to adopt a "second platform" strategy following the Financial Services Authority's (FSA's) finalised guidance on independent and restricted advice, according to the Platforum's adviser platform guide.
In guidance published last month, the regulator said that "in the current market, we expect it to be very rare, if possible at all, that a firm could use a single platform for all of the investment business of all of its clients and meet the standard for independent advice". A third (36%) of the more than 1,000 advisers interviewed told The Platforum that they were re-considering their use of a secondary platform, to sit alongside their primary platform. A primary platform is defined as the platform which holds the majority of an adviser's assets. Managing director Holly Mackay (pi...
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