UK regulator to probe $650bn investment platform market
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.
A file photo shows the headquarters of the Financial Conduct Authority (FCA) in the Canary Wharf business district in London, UK