Will Consumer Duty make platforms 'governance vehicles'?

So, what does the modern platform look like?

clock • 3 min read

Wide-ranging Consumer Duty rules mean platforms are going to have to do more to monitor others in what is more literally becoming the ‘value chain', writes Alex Cowan-Sanluis

As a new cohort of platforms without legacy technology issues enter the market, many people are legitimately asking what exactly a platform is, should do and should look like. I don't think many would expect the answer to be a governance vehicle, but Consumer Duty is placing a greater responsibility on platforms to make sure the end client gets value for money. Through the wide-ranging rules, platforms are going to have to do more to monitor others in what is more literally becoming the ‘value chain'. The Financial Conduct Authority's (FCA) final guidance paper on the incoming regu...

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