Half of advisers say platform cash interest rates help to bag new clients

The platform's survey of 227 advisory professionals, conducted in August, showed that 54% agreed or strongly agreed current cash interest rates helped get new clients on their books. Transact highlighted that earlier this year, as part of Consumer Duty, the Financial Conduct Authority stated that platforms should "not skim interest off cash holdings and charge platform fees simultaneously – otherwise known as double-dipping – if it stops platforms from providing fair value to customers". Transact said its research showed that avoiding double-dipping can provide cash interest rates tha...