Jurisdiction(s):
United Kingdom

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Key definition

Brexit definition

What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

FCA conduct and COBS rules on investment platforms: adviser duties, remuneration, disclosure, platform switching, and key findings from the Investment Platforms Market Study (UK)

Published by a LexisNexis Financial Services expert

Practice notes

Background to FCA rules concerning the use of investment platforms

As a strand of its consumer protection agenda, the Retail Distribution Review (RDR) prompted the Financial Services Authority (FSA)—predecessor to the Financial Conduct Authority (FCA)—to reassess how investment platforms, and their deployment, should be regulated. At an early stage the FCA also differentiated between the regulatory approach to platform providers and the approach applied to platform users, drawing a clear line between the two. The emphasis here is therefore on obligations of users rather than requirements for providers. This note, in particular, addresses the latter, setting out the FCA’s expectations of financial adviser firms regarding systems and controls, and of professionals in relation to indicative behaviours when using platforms. This Practice Note further considers the quality of advice, the distinctions between advised and non‑advised platform use, systems and controls, and the mechanisms by which platforms are remunerated. It also reviews the FCA’s work undertaken through its Investment Platforms Market Study. As firms shifted towards a more advice‑led proposition designed to meet these objectives, many adopted platforms to facilitate that transition and deliver those aims. Consequently, the FSA recognised that it would have to revisit, and refine, the framework by which platforms—and their...

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Web page updated on 21/05/2026

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