FCA threatens to name-and-shame platforms on switching times

Could also set minimum standards

Tom Ellis
clock • 3 min read

The Financial Conduct Authority (FCA) has warned investment platforms it could name and shame them if the sector does not make it quicker and easier for advisers and consumers to switch platforms.

The regulator said it expected the industry to implement changes by the time it publishes its final platform market study report in the first quarter of 2019 and threatened to take action if it did not make suitable changes to switching before then.  The changes the FCA said it wanted to see to break down the "significant barriers to switching" included: "End-to end standards for transfer and re-registration (also known as 'in-specie') times through the introduction of a maximum timescale for each step in the switching process, and clear communication to customers provided by the receivi...

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