The regulator confirmed the move this morning as it published its final report on the asset manager market.

Among its findings so far, it said, were that retail investors “do not appear to benefit from economies of scale when pooling their money together through direct – to – consumer platforms”.

The report said: “We also have concerns about the value retail intermediaries provide.”

Related: FCA to assess platforms' dependence on third party fund rating firms

The platforms probe will look at how competition is working in that market.

The report stated: “The Investment Platforms Market Study will allow us to understand the causes of any competition problems in this market and assess what we can do to improve competition between platforms and improve consumer outcomes.

“The study will consider how investment platforms and firms offering similar services in adjacent markets compete to win new customers and retain existing customers.

“The study will explore whether platforms enable retail investors to access investment products that offer value for money.”

The FCA has been examining these questions:

• What impact do platforms have on fund charges?
• What impact do platforms have on the total cost of investment?
• Do platforms create barriers to asset managers gaining routes to market?
• What impact does the financial advice market have on competition between asset managers?
• Do fund governance bodies consider value for money on behalf of investors?

Verona Smith, head of platform at 7IM, said: “Platform assets have more than doubled over the last 5 years and are now mainstream, so the time is right time for a market study. We hope to see a focus on service and end customer engagement.

"Platform administration is one of those areas that when working, no one notices; but the moment it doesn’t the effects are huge: it has to be done well.”

Further information will be released soon in an FCA Investment Platforms Market Study Terms of Reference document.