Inability to switch creates 'platform panel monsters'

FCA made demands last week

Tom Ellis
clock • 3 min read

The difficulty for financial advisers to switch clients from one platform to another is creating "platform panel monsters", according to one expert on the sector.

The lang cat's research into the views of 235 financial advisers found the majority review their platform panel annually and that poor service is the most likely factor to make them consider removing a platform. It found more than 40% of advisers would drop a platform if they experienced sustained poor service, while one-third would leave as a result of the findings of a regular platform panel review.  While advisers often review their panel and identify weaknesses, however, the consultancy has described the platform market as "broken" because advisers are struggling to leave behind p...

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 Wrap/platforms

Big players give The Platforms Association's transfer charter a miss

Big players give The Platforms Association's transfer charter a miss

AJ Bell and Parmenion choose not to sign up

Sophia Panayi
clock 25 September 2026 • 2 min read
Most platforms sign up to transfer charter

Most platforms sign up to transfer charter

Signatories include Benchmark, Fidelity International and Quilter

Sophia Panayi
clock 17 September 2026 • 3 min read
Will the incoming stocks and shares ISA cash interest levy impact platforms?

Will the incoming stocks and shares ISA cash interest levy impact platforms?

Proposed regulations yet to clarify what is an ‘acceptable’ cash holding

Sophia Panayi
clock 15 September 2026 • 5 min read