Last checked at 14 Mar 2019 08:58
Market update - Investment Platforms Market Study
The FCA has today published the final report from its Investment Platforms Market Study. As one of the UK's largest investment platforms, AJ Bell welcomes the FCA's findings which it believes will help improve competition in the market and deliver improved customer outcomes.
Andy Bell, chief executive at investment platform AJ Bell, comments:
"Investment platforms play a vital function in helping people manage their long term savings and the regulator is absolutely right to question whether consumers are receiving the best possible service and value for money. Identifying areas where customer outcomes can be improved is vital for the development and growth of an increasingly important market and today's report is a significant step in the right direction.
"The FCA has confirmed that measures to improve transferability of assets between platforms will be extended to comparable services which is a positive development, particularly in relation to exit fees. A restriction in platform exit fees would not have a material impact on our business and as a net receiver of assets, we would expect to benefit from greater transferability of assets in the market.
"Enabling easier transfers of assets between platforms and other competing products will ensure customers are able to move more easily to better value services and will ensure healthy competition in the sector. We look forward to engaging with the FCA during the consultation phase."