Steven Cameron, Pensions Director at Aegon said: “We’re pleased the FCA recognises the many benefits the growing platform market can provide. Platforms are rapidly replacing traditional life companies at the heart of financial services, bringing together customers and advisers with propositions and investment solutions. It’s appropriate the FCA is also considering similar business models which may fall outside the strict regulatory definition of a platform but offer similar services and access to investment products. |
“When considering both competition and value for money, it’s right to look at the role platforms play in the value chain. The Asset Management Market Study sets out a range of remedies to tackle competitiveness and value for money in the fund manager part of the chain and once these begin to be acted on, we’d expect knock-on impacts through the chain for the benefit of customers. These changes are likely to have direct bearing on the platform market and it’s important the platform study keeps this in mind. “The Market Study needs to reflect the fundamental differences between platform business models and the potential conflict between wide fund choice and negotiated discounts. Those which facilitate open access to the widest range of funds will find it more difficult to negotiate discounts with fund managers than those who limit investment choice or channel customers into preferred funds.
“In today’s financial services world, to be sustainable, business models need to achieve scale and be focussed on the interests of the end consumer, whether or not they engage through intermediaries and advisers. Within Aegon’s platform strategy is a clear commitment to ensure intermediaries have access to the best tools and support to serve their customers.” |
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