Advisers who use a single investment platform for all their business can still be independent and the regulator's stance on the issue has not changed, according to the Financial Conduct Authority (FCA).
FCA technical specialist Rory Percival (pictured) said he wanted to "bust the myth" that the regulator had changed its mind on independence when using one platform. He said while the issue was flagged in the watchdog's thematic review findings earlier this year it was on a very specific case. Percival added the FCA would always judge independence on a case by case basis. "[In the highlighted case] 98% of business was going to a single platform, the firm was disclosing to clients that that particular platform was the approach they used. They were predetermining the likely course they w...
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