Industry participants have largely welcomed today's Financial Conduct Authority's (FCA) consultation paper of the 2018 Platform Market Study, saying the changes proposed will lead to "increased competition between platforms and more choice for consumers".
In a consultation paper published based on the findings of last year's final report, the FCA said it wanted platforms to take steps to bring about unit class conversions so clients switching platforms were not forced to sell their investment unnecessarily because they are in a different share class of the same fund. The regulator said this would mean some platforms would have to make changes to their transfer application materials and would require them to have increased communications with the client and the platform being switched to or from. Essentially, the FCA wants to make it u...
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