Mackay on that platform paper

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Holly Mackay, managing director of The Platforum, believes the FSA's Platform Consultation paper is broadly good news, but there are some key points to answer.

Adviser charging will come from a platform cash account and be agreed by the adviser and their client – no provider or platform influence. No surprises there. Moving to platform usage, very welcome clarification provided I think on this age-old question about whether advisers can use just one platform. P13 and 14 of the paper details this and it’s well worth a read, IFAs. The Mackay in-a-nutshell take on this is yes you can, but bear in mind that some clients won’t need to go on a platform at all and also there will be some clients at the small or larger end of client account size (or so...

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