FSA has published policy statement 11/9 on CP10/29 (Delivering the RDR and other issues for platforms and nominee-related services), which sets out new rules regulating platforms. The new rules extend the consumer protection elements of the RDR into the area of investment services and have two key aims:
- to ensure that consumers receive a better service; and
- for the market to be more transparent and operate more efficiently.
According to Sheila Nicoll, FSA's director of conduct policy, the new rules "are designed to enable consumers to understand the services they are being offered by investment firms, and what they are paying for". (Source: Policy statement (PS11/9): Platforms: Delivering the RDR and other issues for platforms and nominee-related services)