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What interested me from the presentations and the discussions at this event were the different offers that exist between the various platforms and the varying degrees of so-called 'open architecture'.

Platforms operate through different ownership (independent, IFA sponsored or product provider owned), different charges, different transparency and varying abilities to provide free and automated re-registration between providers and varied willingness to offer free and automated in-specie transfers.

This does present a problem for financial advisers because the FSA is adamant that platform selection is the responsibility of the adviser and that this must be based on appropriate due diligence.

However, some of the platforms have been criticised by competitors and commentators for being opaque about charges, registration and in specie transfers. Not surprisingly, a reluctance by some platforms to oil the wheels for free and fast platform to platform re-registration is developing beyond merely a commercial spat.

The FSA has been carrying out thematic work on platforms and those who use them for several months and hopefully it will publish some feedback during the second quarter next year. However, waiting at least another 6 months for some feedback is not ideal bearing in mind the speedy commercial developments in this area of the sector.

It would greatly assist financial advisers in the interim, if the FSA would feed back its findings to date. In particular, it would be interesting to know what the FSA expects of platforms with regard to achieving TCF, especially in the areas of transparency of charges, in-specie transfers and re-registration. It is somewhat disappointing that the FSA appears to be placing total responsibility on the intermediary sector to ensure that their customers are treated fairly when selecting a particular platform for their investment/retirement provision, when clearly, advisers would benefit from the FSA first spelling out what platforms themselves should be doing to achieve TCF.

Philip Ryley is Head of Financial Services & Markets at Michelmores LLP, based in Exeter and London. phr@michelmores.com