FCA warning: 'Letter timely reminder of importance of platform models'

'Dear CEO' letter

Sophie King
clock • 3 min read

Financial services professionals have welcomed the latest Financial Conduct Authority (FCA) Dear CEO letter to platforms.

The Dear CEO letter, published on Monday (26 July), warned investment platforms that IT outages and operational issues on 9 November 2020 were "clear examples of severe but plausible" operational disruptions. The FCA said that these disruptions cause harm to consumers and negatively affect market confidence. In the letter, the regulator added: "We expect firms to invest in their systems to ensure that they keep pace with the growth of their business and remain fit for purpose. "IT upgrades and migrations should undergo thorough analysis and testing to reduce incidents and outages that...

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