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

  • 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

Dynamic Planner now includes Scottish Widows Platform 

Dynamic Planner now includes Scottish Widows Platform 

Comes ahead of the closure of Advance by Embark Platform

Jenna Brown
clock 19 September 2023 • 1 min read
Scottish Widows speeds up client experience with platform upgrade

Scottish Widows speeds up client experience with platform upgrade

Adviser platform upgrade allows advisers to use real-time data

Sahar Nazir
clock 14 September 2023 • 1 min read
How advisers can use higher interest rates to offset platform charges

How advisers can use higher interest rates to offset platform charges

Reducing 'fee drag' on client's portfolio performance

James Priday
clock 18 August 2023 • 3 min read