Tiller: Standard Life takeovers not death of choice

He said Standard Life’s takeover of Axa means clients’ money is safe, but that advisers will have to pick up the tab for the communication that goes with it.

“It’s a lot of work for advisers for no reward,” Mr Vasilieff said, adding that advisers don’t like it when their business is disrupted and end up feeling “foolish” for having chosen that platform.

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However, he said there shouldn’t be any impact to the end consumers unless the new platform decides to increase the price.

This was echoed by Clive Waller, managing director of CWC Research who said there is no immediate concern for customers.

“Standard Life is a big player, in it for the long term, and - unlike Axa - the platform is key to the business.

“The challenge for the firm is to manage the transfer of clients quickly, smoothly and at reasonable cost.

“Advisers, however, may see this as an opportunity to move to an alternative platform, which is where costs can escalate. “