The sheer scale of a select few platforms will allow them to begin to dominate the market over the next few years, according to Platforum's Miranda Seath.
The group's senior researcher said the four largest platforms currently hold less than half (44%) of the market's assets but estimated the benefits of scale would lead to this proportion rising to three-quarters (75%) of assets within a few years. The Financial Conduct Authority (FCA) last week revealed its intention to undertake a platform review and one of its main focuses will be investigating why platforms do not secure fund discounts for users despite their market power. The lang cat principal Mark Polson said at the time it had been a "massive failing for platforms" and warned...
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