Monday, 07 April 2014 09:27
Nucleus firms make few changes despite PS13/1 regulations
About three quarters of Nucleus' member firms said they would be making no changes or only minor 'tweaks' to their procedures ahead of the PS13/1 regulations which came into force at the weekend.
The FCA's platform paper PS13/1, announced in April 2013, set out a number of rules for advisers to adhere to when using and selecting a platform.
The adviser influenced platform provider's survey of members before the changes on 6 April revealed that a third of advisers were confident enough in their due diligence processes that they did not have to make any changes at all.
A further two fifths (41.2%) felt that they only had to make a very small number of minor 'tweaks' to their processes.
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The changes to the Conduct of Business Sourcebook rules put the onus for the first time on advisers to ensure they can prove that they are using a platform that adheres to the new rules, therefore highlighting the need for deeper due diligence to be carried out by advisers.
Barry Neilson, business development director at Nucleus, said: "It is great, although unsurprising, to see that our advisers are one step ahead of the game with their due diligence processes.
"Ensuring our members have access to high quality material, such as the white paper we developed in conjunction with Compliance & Training Solutions on the platform regulation changes, has been a priority since the new regulations were announced by the FCA last year.
"The results of this year's census are really encouraging, but we didn't expect any less.
"Increased transparency is needed to boost trust in the industry and ensure the end customer is getting the best possible outcome."
The FCA's platform paper PS13/1, announced in April 2013, set out a number of rules for advisers to adhere to when using and selecting a platform.
The adviser influenced platform provider's survey of members before the changes on 6 April revealed that a third of advisers were confident enough in their due diligence processes that they did not have to make any changes at all.
A further two fifths (41.2%) felt that they only had to make a very small number of minor 'tweaks' to their processes.
{desktop}{/desktop}{mobile}{/mobile}
The changes to the Conduct of Business Sourcebook rules put the onus for the first time on advisers to ensure they can prove that they are using a platform that adheres to the new rules, therefore highlighting the need for deeper due diligence to be carried out by advisers.
Barry Neilson, business development director at Nucleus, said: "It is great, although unsurprising, to see that our advisers are one step ahead of the game with their due diligence processes.
"Ensuring our members have access to high quality material, such as the white paper we developed in conjunction with Compliance & Training Solutions on the platform regulation changes, has been a priority since the new regulations were announced by the FCA last year.
"The results of this year's census are really encouraging, but we didn't expect any less.
"Increased transparency is needed to boost trust in the industry and ensure the end customer is getting the best possible outcome."
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