FCA proposes seven remedies to enhance platform market competition

The interim report of the financial watchdog's Investment Platforms Market Study identified a number of issues. Most notably, it argued competition in the market was not working as well as it should for some consumers - although it did find it to be working well for most. The FCA said it was particularly concerned about some consumers - namely, those who want to swtich but find it costly to do so; direct to consumer (D2C) platform users who want to choose a platform based on price; D2C platform clients who use model portfolios; those with large cash balances; and "orphan" clients, that i...