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FCA Investment Platforms Market Study

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OhNoNotimAgain
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FCA Investment Platforms Market Study

#207579

Postby OhNoNotimAgain » March 14th, 2019, 8:14 am


simoan
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Re: FCA Investment Platforms Market Study

#207650

Postby simoan » March 14th, 2019, 12:20 pm

Oh, my aching sides! Anyone familiar with the long investigation by the Financial Ombudsman into the imposition of exit fees for those wishing to transfer out when AJ Bell introduced fixed fees to previously free accounts may want to look away for fear of self-combustion through laughter. From the AJ Bell RNS:

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."


You couldn't make it up... or perhaps you can.
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Re: FCA Investment Platforms Market Study

#207657

Postby daveh » March 14th, 2019, 12:39 pm

Yes I read that quote from Andy Bell on the BBC website - thought it a bit rich considering they had locked customers in by not waiving exit fees when they changed their T&Cs a while ago.


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