FCA rules out adviser platform competition study but eyes fund firms

The Financial Conduct Authority has ruled out conducting a study into competition in the platform market - despite industry concerns - but is planning closer scrutiny of fund groups.

The regulator yesterday published a feedback statement on competition across the entire wholesale financial services sector, in which it revealed it would conduct a market study of the investment and corporate banking sector. In the same statement, the FCA said its call for feedback in July 2014 had prompted responses which raised concerns over competition issues relating to the platforms industry post-RDR. These included one respondent who suggested the rebate ban means platforms “are now less willing to host smaller funds as they cannot confirm that their costs will be met”. But ...