UK reg­u­la­tor to probe $650bn in­vest­ment plat­form mar­ket

Muscat Daily - - BUSINESS -

The UK Fi­nan­cial Con­duct Au­thor­ity (FCA) set out the frame­work for a mar­ket study into the use of on­line plat­forms to sell in­vest­ment prod­ucts to con­sumers.

The plat­form mar­ket has grown rapidly in re­cent years, han­dling as much as £500bn (US$650bn) of as­sets un­der ad­min­is­tra­tion last year, up from £108bn in 2008, the FCA said. Har­g­reaves Lands­down and Van­guard Group of­fer on­line

“With the in­creas­ing use of plat­forms, and the is­sues raised by our pre­vi­ous work, we want to as­sess whether com­pe­ti­tion be­tween plat­forms is work­ing in the in­ter­est of con­sumers,” said Christo­pher Woolard, the FCA’s ex­ec­u­tive di­rec­tor of strat­egy and com­pe­ti­tion.

The FCA plans to pub­lish an in­terim re­port by sum­mer 2018, set­ting out pre­lim­i­nary conclusions and ar­eas of con­cern.

(Bloomberg)

A file photo shows the head­quar­ters of the Fi­nan­cial Con­duct Au­thor­ity (FCA) in the Ca­nary Wharf busi­ness district in Lon­don, UK

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