What we are changing
We are introducing a package of rules for platforms to make it easier for consumers to move from one platform to another without liquidating their assets
We intend the new rules to complement the existing rules on transfers and re-registration. The rules will also form a counterpart to industry initiatives that aim to make it easier for consumers to move their assets from one platform to another.
We expect this (along with the other remedies in the Investment Platforms Market Study) to improve competition in the sector, increase efficiency and improve the consumer experience.
Who this applies to
- platform service providers
- fund managers and their service providers
- financial advisers
- consumers of platform services and consumer organisations
Background to CP19/12
This consultation set out our policy remedies from the Investment Platforms Market Study (IPMS). The proposed changes were designed to reduce the barriers to effective competition experienced by consumers who use platforms and similar services, as described in the IPMS Final Report(link is external).
The new rules will come into force on 31 July 2020.
If your firm is affected by the final rules in this Policy Statment, you should consider what changes you need to make to ensure you have implemented necessary changes by this date.
For exit fees, we are considering responses to the discussion questions in CP19/12 and intend to issue a formal consultation in Q1 2020