FCA calls for 'further progress' on platform re-registration

The Financial Conduct Authority (FCA) has declared itself pleased with platforms' progress towards meeting new rules due to be introduced next month, though it has highlighted some areas in need of improvement and called for "further progress" on re-registration.

It has asked platform operators to pay particular attention to ensuring end investors understand the changes, particularly when they may not have an adviser. The FCA said it would like to see further progress on re-registration. "Firms must be able to transfer a consumer from one platform to another in a reasonable timescale," it said. It added that exit charges should not be a barrier to moving platform and should not inhibit competition. From 6 April, platforms can only be paid via an explicit platform charge on new business. The FCA has said it is broadly pleased with firm...