This is a short extract from an article originally written for FT Adviser by Ben Hammond, Wealth and Partnerships Director at AheadMG.
In it, Ben explores three key areas of regulatory reform: Targeted Support, Pension Pot Consolidation, and ISA Reform, and explains why firms taking a joined-up approach to these changes are likely to be better placed than those implementing each regulatory change in isolation.
The UK wealth management industry is entering yet another period of significant regulatory change. The Financial Conduct Authority’s targeted support regime, ISA reform and small pension pot consolidation may have different policy objectives, but they create many of the same challenges for platforms.
Customer journeys will need to evolve, data will need to move accurately between systems and organisations, and those systems will need to work together without creating unnecessary operational complexity.
For platforms, evolution is inevitable as assets move from cash or cash-like ISAs into retail investments, transfer rules change and disclosures become even more important under targeted support.
The question is whether today’s platforms and operating models are ready to support those changes.
To access Ben’s views on these three key areas of regulatory reform, the combined impact on platforms, and what firms should be assessing now in preparation, read the full article below in FT Adviser:
FT Adviser: Three areas of regulatory reform that firms must view together to succeed
