A leading fund ratings and research group has created a guide to platforms, as it urged advisers to carry out regular and thorough due diligence.
In the wake of the continued focus by the Financial Conduct Authority on advisers' platform selection process, RSMR has developed the help tool for professionals dealing in this sector.
The guide includes details on the due diligence advisers should undertake when selecting a platform and how to review existing arrangements in a cost-effective and time efficient manner.
Geoff Mills, director of RSMR, said: "The regulator has published a number of reports on due diligence in the platform space and has cautioned the industry that tough action will be taken if unsuitable or inappropriate advice and/or weak systems are found. Advisers simply cannot afford to ignore these warnings.

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"At RSMR, we feel that the people within advisory firms themselves are best positioned to undertake due diligence and select the platforms they wish to use, after all they know their business model, advice process and client service proposition best. However, many advisers are unsure as to how to go about this process and accurately compare the platforms available and their different processes.
"Our latest guide includes a due diligence pro-forma which together with our detailed platform factsheets will help advisers decide which platform is right for their business or to aid their ongoing review process.
"We hope this will encourage advisers to carry out regular checks on their platforms in a cost-efficient and timely manner and so not only remain compliant, but continue to deliver excellent and tailored service to their clients."