Financial Conduct Authority  

FCA cracks down on Woodford and DB pensions: the week in news

But this week senior platform industry figures warned the proposals could have unintended consequences, including "significant initial and ongoing costs". 

Steven Cameron, pensions director at Aegon, said the proposals could result in "thousands" of extra share classes having to be added, creating additional costs and potential delays. 

Steven Levin, chief executive of Quilter-owned platform Old Mutual Wealth, warned platforms would be required to hold "thousands of new share classes, increasing the risk of customers inadvertently selecting an unintended share class and/or not the cheapest available". 

5) Adviser role to change "significantly"

A warning was issued to advisers this week that they "risk obsolescence" if they fail to adapt to new skills, including the use of artificial intelligence.

The warning came as the CFA Institute published its Investment Professional of the Future report on Monday (17 June), with a poll suggesting the majority of advisers feel their role will be significantly different or even nonexistent within the next ten years. 

The institute warned of a "disruptive and complex" environment in which advisers must adapt to survive, including embracing what is expected to become the growing role of artificial intelligence in the investment industry. 

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