Advisers prepare to increase platform scrutiny

The majority of advisers are preparing to carry out extra platform due diligence following the publication of the Financial Conduct Authority's (FCA) platform paper.

From April 2014, advisers will be required to satisfy themselves that a platform service provider has met the requirements set out within the platform paper.  An adviser survey carried out by Skandia has found 65% of advisers have said they will carry out further due diligence work in response, 44% of which said this work is already underway. Just 13% said they would not engage in any additional due diligence work this year. Charges are the most important area of consideration, according to 43% of survey participants, followed by platform functionality which was prioritised by 16%....