AIC welcomes FCA platform report which should benefit consumers
The AIC responds to the FCA’s Final Report of the Investment Platforms Market Study.
Today the Association of Investment Companies (AIC) responded to the FCA’s Final Report of the Investment Platforms Market Study (MS17/1.3).
Ian Sayers, Chief Executive of the Association of Investment Companies (AIC) said: “We welcome the FCA’s Report which should lead to better and more cost-effective platforms for consumers. Important concerns about platforms are addressed including greater transparency of platform charges, a simpler process to switch platforms, exit fees and better execution of trading. These changes should result in increased competition between platforms and more choice for consumers.
“We remain concerned about wider competition in the funds market. The next opportunity for this to be addressed is the FCA’s review of RDR which will look at how the adviser market is working post-RDR. This review needs to include competition between different product types and whether RDR has had an impact on this. Investment company purchases by advisers and wealth managers on platforms have quintupled since RDR but are less than 1% of all products purchased on adviser platforms. Given investment companies’ track record of consistently outperforming other funds over the long term, this shows that there is still a long way to go before we have a genuine level playing-field.”
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Notes
- The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 358 members and the industry has total assets of approximately £184 billion.
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