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UK FCA proposes rules to improve competition in investment platform industry

The U.K. Financial Conduct Authority has outlined a number of measures aimed at improving competition in the investment platforms market.

The regulator noted during its market study that some customers and financial advisers can find it difficult to switch to an investment platform that suits their needs due to the time, complexity and cost involved, driven partially by exit fees.

As a result, the FCA is proposing to ban or cap exit charges, while consulting on rules allowing consumers to switch platforms and remain in the same fund without having to dispose of their investments.

Additionally, the financial watchdog said it will review the progress made by the investment platform industry to improve the switching process later in 2019 and the following year, if required.