FCA raises concerns over platform fees in Dear CEO letter

The regulator outlines ‘key harms’ in letter to platform bosses

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has written to platform bosses about its concern over fees not being properly disclosed.

Director of consumer investments Lucy Castledine wrote a Dear CEO letter to investment platform bosses on Friday (September 28) laying out the regulator's concerns about "key harms". She said the watchdog is concerned that "platform fees are not properly disclosed, making it difficult for customers to have a clear understanding of what they are being charged". The FCA said that fees and charges may not represent fair value, especially when looking at customers with different size investment pots and taking into regard platforms' role in the distribution chain. Castledine also highl...

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

Majority of un-advised with stock investments have no financial plan

Majority of un-advised with stock investments have no financial plan

‘Many are realising the need for expert financial support in later life’

Hope Coumbe
clock 12 June 2024 • 1 min read
Financial wellbeing — what are advisers and planners measuring?

Financial wellbeing — what are advisers and planners measuring?

'Money should be our servant, and not our master'

Chris Budd
clock 12 June 2024 • 3 min read
Targeted support could lift 5 million people out of advice gap

Targeted support could lift 5 million people out of advice gap

‘Targeted support could move the dial and present business opportunities’

Isabel Baxter
clock 12 June 2024 • 1 min read