FCA to assess firms' vertical integration in platform market review

Concerns of conflicts of interest

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has said it will assess firms' vertical integration and "the entire value chain" of investing, as well as the platform market, in its upcoming platform market review.

In its asset management review published on Wednesday, the regulator said vertical integration - where a provider also owns an advice firm - raised questions about competition in the market. The FCA also noted advice costs were often claimed to be one of the largest portions of the value chain and said a number of respondents put forward concerns of conflicts of interest in vertically integrated firms. The regulator said: "Within the advice market, vertical integration of advice, platform and fund management in some firms, the growth of model portfolios and the role of third party rat...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Why well-run advice firms still shoulder an unfair FSCS burden - and what needs to change

Tom Hegarty shares his views on the FSCS levy and why things need to change...

Tom Hegarty
clock 08 January 2026 • 4 min read
FCA Consolidation Review: Key actions for firms navigating M&A

FCA Consolidation Review: Key actions for firms navigating M&A

What does best practice look like?

Professional Adviser
clock 07 January 2026 • 4 min read
FCA removes regulatory permissions from advice firm over breaches

FCA removes regulatory permissions from advice firm over breaches

Ups assets restriction and notes unpaid FOS award

Jen Frost
clock 22 December 2025 • 2 min read