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

Reeves reveals 'comprehensive' draft regulatory regime for crypto assets

Reeves reveals 'comprehensive' draft regulatory regime for crypto assets

Working with the US to develop rules

Eve Maddock-Jones
clock 30 April 2025 • 2 min read
Complaints against financial services firms fall below 1.8 million

Complaints against financial services firms fall below 1.8 million

All major product groups saw fewer complaints

Sahar Nazir
clock 30 April 2025 • 2 min read
A 1000-day wait: Pension transfer delays demand urgent reform, advisers say

A 1000-day wait: Pension transfer delays demand urgent reform, advisers say

Transfer delays highlight need for ten-day Pension Switch Guarantee

Sahar Nazir
clock 29 April 2025 • 2 min read