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Aifa & SL launch 'good practice' platform guide
The Association of Independent Financial Advisers (Aifa) and Standard Life are helping advisers with platform and wraps decision-making by launching‘good practice notes’.
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The notes provide step-by-step guidance on making the crucial strategic decision about whether to use a platform and how to choose the right providers for their clients and their business.
Aifa said the platform due diligence notes will provide firms with valuable guidance as they consider the use of wraps and platforms within their businesses.
The guide has been seen by the Financial Services Authority (FSA) and is set to provide IFA firms with a ‘breakwater’ to guard against future regulatory requirements.
According to NMG's research published in August, almost half of IFA firms said that the fear of potential future regulation is one the main current barriers to using a platform.
Chris Cummings, director general at Aifa, said the recent announcements from the FSA are a clear wake up call that firms must be able to robustly evidence the rationale for how and why they select platforms.
He said: "To help advisers, Aifa has developed good practice notes that will better equip firms to make considered decisions about the adoption of wraps and platforms.
"By following the decision making process and rationale set out in the guide, IFA firms will have a robust due diligence process."
