UK platform market 'walking into oblivion' without tech innovation

Delegates heard platforms are ‘overpriced for what they deliver’

Jenna Brown
clock • 3 min read

Most of the adviser platforms in the UK are “walking into oblivion” as they fail to adapt and improve in the face of evolving technology, according to Ian McKenna.

Speaking at the Empowering Advice Through Technology conference today (26 January), the FTRC director said financial services "has had 25 years to address the challenges we are going to face in the next two years". "We have to stop behaving like turkeys asking for Christmas to be cancelled," he said. "Most of the UK platform market right now is sleepwalking into oblivion, 95% won't exist in a decade. They are overpriced for what they deliver." McKenna added that one commentator had described platforms as "the walking dead", a sentiment he agreed with. "We must make sure advice does no...

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