Ben Cocks: FCA transfer regulations miss the mark

'Platforms are still working on solutions'

clock • 2 min read

The FCA's latest transfer regulations have thus far missed the mark, writes Ben Cocks. Here he explains why investors who want to switch platforms are still taking a big risk

The Financial Conduct Authority's (FCA) new Making Transfers Simpler Regulations came into effect at the beginning of February but do not seem to be having their intended impact so far. The intention was to allow investors to transfer their pension and ISA investments between platforms in-specie (in other words without having to sell and rebuy) even where they were invested in a restricted fund share class. However, the transfer statistics suggest that very little has changed and investors wishing to switch between platforms are still forced to sell assets in an unusually volatile mar...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Aviva named the preferred platform provider by advisers

Aviva named the preferred platform provider by advisers

Quilter remains in second place followed by AJ Bell and Transact

Isabel Baxter
clock 04 March 2024 • 1 min read
Bravura returns to profitability in H1 amid business 'reset'

Bravura returns to profitability in H1 amid business 'reset'

Platform technology provider gross revenues up 7.4% in first half

Jenna Brown
clock 20 February 2024 • 1 min read
So far, so bleak: Incumbent platforms' miserable year

So far, so bleak: Incumbent platforms' miserable year

'There are firms that are trying to buck the trend'

Alex Cowan-Sanluis
clock 14 February 2024 • 4 min read