Graham Bentley: Paying the platform but not calling the tune

Unlike other industries, ‘making-money-out-of-making-money' attracts various hangers-on whose contributions to the wellbeing of the client vary between symbiosis and parasitism. In the money management business, a different dynamic prevails - the gratification for a commercial transaction may be delayed for years. The Financial Conduct Authority (FCA) is now on a mission to recapture client value from the industry and, as with all crusades, there will no doubt be mounting casualties along the way. The regulator's First Crusade, the Asset Management Market Study, introduced proposals t...