The newly-announced investment platforms market study has arisen directly from some of the concerns identified in the asset management review. To kick things off, the FCA has published the terms of reference, which indicate considerable breadth of scope. Focus will include:
- Whether platforms help investors make good investment decisions, and represent value for money
- How platforms compete and whether they use bargaining power to improve opportunities for investors
- Whether relationships between investment platforms and other platforms, advisers, asset managers, and fund ratings providers, work in the interests of investors
The scope also suggests a wide range of platforms and intermediaries will be caught. Firms have until 8 September 2017 to provide input on the terms of reference, after which the full study will commence, and an interim report can be expected by the summer of 2018.