From Adviser Guide: Picking a Platform part 2
Q: Can an IFA use only one platform?
The FSA has issued a factsheet specifically on advisers using platforms and their independent status (factsheet dated 07/11).
It outlines good and poor practices from advisers using platforms and maintaining their independent status.
It clarifies that an adviser cannot call themselves “independent” if they recommend one platform regardless of their client’s needs.
An adviser can however use one platform for the majority of clients, provided they are mindful of other products across the market, according to Jeremy Mugridge, platform specialist of Skandia.