FCA proposes ban on platform exit fees

Would affect five adviser platforms

FCA: “We want to ensure the remedy achieves our aim of removing a significant barrier to switching and, in turn, strengthens competition between platforms and other distributor firms that compete alongside them.”
FCA: “We want to ensure the remedy achieves our aim of removing a significant barrier to switching and, in turn, strengthens competition between platforms and other distributor firms that compete alongside them.”
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The regulator has proposed a ban on exit fees that would affect around half of the players in the D2C platform market and five adviser platforms.

The Financial Conduct Authority (FCA) said exit fees are one of the three "main barriers" that prevent clients switching platforms. It said not only do exit fees reduce incentives for firms to deliver...

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