FSA: using just one platform will not rule out independence

The Financial Services Authority (FSA) has said advisers can use just one platform post-retail distribution review and still be classed as independent if they have a homogenous client base.

However, advisers with a diverse range of clients will need to use more than one platform if they are to avoid being classed as restricted.

The FSA's Rory Percival (pictured) said advisers with a homogenous client bank could use just one suitable platform, although they would need to make sure they considered a variety of wrappers from across the market to remain independent.

'We've taken a pragmatic approach,' he said. 'You don't need to consider a separate platform for every customer but if you have a diverse range of customers then a single proposition on a single platform won't be appropriate.'

Percival added that the FSA had not changed its position on rebates. In its March discussion paper on platforms it proposed banning fund rebates to platforms.