Half of advisers believe current cash interest rates on platforms can help them attract new clients, according to research from Transact.
The platform's survey of 227 advisory professionals, conducted in August, showed that 54% agreed or strongly agreed current cash interest rates helped get new clients on their books. Transact highlighted that earlier this year, as part of Consumer Duty, the Financial Conduct Authority stated that platforms should "not skim interest off cash holdings and charge platform fees simultaneously – otherwise known as double-dipping – if it stops platforms from providing fair value to customers". Transact said its research showed that avoiding double-dipping can provide cash interest rates tha...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
