The prospect of advisers being able to switch platforms more conveniently should be giving platforms sleepless nights, writes Tom Ellis, as he considers how close the sector is to that being a reality
Sooner or later the platform market will have evolved to a point where its customers - both advisers and their clients - are truly able to hold platforms to account over their service and vote with their feet. It is an exciting picture of the future - or perhaps a dystopia for any struggling adviser platform. And let's not be shy. With its focus on competition, the Financial Conduct Authority (FCA) - if it is worth its salt - will surely look to improve the ease of switching as a result of its platform market study. It even has a precedent to follow. The Current Account Switch Service...
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