Tom Ellis: FCA misses open goal to fall short on platform switching

Proposals fall short

Tom Ellis
clock • 3 min read

The Financial Conduct Authority (FCA) offered me a pleasant surprise at 7am this morning as I scrolled through the contents of its proposed platform market remedies with bleary eyes, writes Tom Ellis.

The regulator has made some decent proposals to improve platform switching but, once again, has managed to fall short of what it really needs to do. Let's look at the positives first - the FCA has proposed some much-needed remedies in its consultation paper. It wants, for example, to make sure consumers do not have to sell down their holdings when transferring to another platform, which it proposed to do by making platforms and fund managers perform unit class conversions and having in specie transfers. This is certainly a huge positive. These proposed remedies, if they work, will mak...

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