FCA proposes 'in specie' transfers and unit class conversions to improve platform switching

In a consultation paper published alongside the final report of the Financial Conduct Authority's (FCA) platform market study, the FCA said it also wants platforms to take steps to bring about unit class conversions so clients switching platforms are not forced to sell their investment unnecessarily because they are in a different share class of the same fund.  The watchdog said this would mean some platforms would have to make changes to their transfer application materials and would require them to have increased communications with the client and the platform being switched to or from...