What are the competition law enforcement risks for users of investment platforms?

The Financial Conduct Authority's (FCA) study of the investment platform market will place the industry's key relationships under the competition spotlight, writes Melanie Martin, associate in the EU, competition and regulatory practice of Maclay Murray & Spens LLP.

Though it is not an investigation into any one firm or even suspected wrongdoing, it represents a major regulatory risk for financial services firms and advisers caught unaware by the nature of the probe. Although the primary focus will be platform services (defined as those which offer access to third-party investment products), the scope of the study is broad and will also look at the wider distribution landscape, noting that there are myriad ways in which retail investors can access services. FCA platform study examines financial adviser 'impact' Crucially, the interaction and c...