Pilot Financial Planning director, Ian Thomas has weighed into the discussion regarding the transfer of clients in bulk to alternative platforms.

Speaking in ‘Money Marketing’, Ian supported the call from Andy Bell (head of the AJ Bell platform) for guidance from the FCA on the transfer process.  However, he also argues that the FCA should be offering wider guidance on appropriate suitability overall.

“Guidance on the process for moving platform clients would be helpful, and is a sensible idea. But there is a bigger issue here. Networks and support services can often require a full suitability report for any portfolio rebalance or fund switch.

“It comes down to running an ongoing service-based model, rather than a product-led one. We don’t want to have to write war and peace for every minor bit of new advice. It’s all about guidance on appropriate suitability overall, and for me this goes wider than platform switching.”

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