Advisers feeling 'under siege' from FCA led to platform changes

SOTAN report from the lang cat

clock • 2 min read

A sense of being “under siege” from the regulator and a dissatisfaction with current structures led to almost one third of advisers moving new flows to other platforms during 2019, the lang cat revealed.

The advisory consultancy's State of the Adviser Nation (SOTAN) report, launched today (26 February), stated 13% of advisers switched platforms and nearly a third  (31%) directed new flows to other platforms in 2019.  The lang cat consulting director Steve Nelson said he was surprised at the level of redirecting flow and that regulatory changes were the main driver behind this. "I think it's a combination of underlying dissatisfaction, but the bigger aspect is the regulatory event of PROD (Product Intervention and Product Governance Sourcebook), Markets in Financial Instruments Directi...

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 Your profession

Why human connection remains central in a digitally enabled advice sector

Why human connection remains central in a digitally enabled advice sector

'It is clear that the sector is moving through a significant period of transformation'

Tim Riseborough
clock 17 December 2025 • 3 min read
Why advisers shouldn't rush into private markets

Why advisers shouldn't rush into private markets

'There's only so long the hamster wheel can keep turning'

Justin Cash
clock 15 December 2025 • 4 min read
Adviser workload set to rocket ahead of IHT on pensions changes

Adviser workload set to rocket ahead of IHT on pensions changes

Large volumes of clients will need reviews of financial plans

Isabel Baxter
clock 15 December 2025 • 3 min read