Emma Ann Hughes  

Why the FCA should make breaking up easy to do

Emma Ann Hughes

Emma Ann Hughes

The FCA will also look at requiring the ceding platform to switch consumers to the receiving platform’s share class before a switch takes place.

This action from the FCA is clearly needed. 

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It isn't right that the closest comparison I can think of to ditching a product provider is trying to divorce your spouse.

I can understand why multiple governments get cold feet about making divorce easier – they don't want to be accused of undermining marriage and shaking the foundations of society as we know it.

But it shouldn't take anyone longer to switch financial services providers than it would take them to end their marriage.

Regulators would make society a better place – and increase people's faith in putting their cash in financial institutions – if they made it easier for them to switch their cash to another provider if they felt dis-satisfied.