Leading experts have been speaking about platform due diligence and telling Financial Planners how they can keep on top of compliance at a session this afternoon at the IFP conference.

Melony Holman CFP, managing director, compliance and training Solutions, Mark Polson, principal of the lang cat and Rory Percival, technical specialist at the FCA, have been addressing delegates.

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Mr Percival's has a leading role at the FCA on application of the Retail Distribution Review, platform use by intermediaries, centralised investment propositions (CIPs) and suitability of investment advice.

Mr Percival, who has been in his role for eight years, was asked if platforms were a product or a piece of technology?
He said: "We don't see it as a product and we don't see it a s a bit of tech either.

"It's not a product, it's a service but the fact it is has some products on it, the independence question becomes an issue potentially."
The best deal for client now may change five years down the line, so FCA requires advisers to regularly review and think about platforms, he said.
Thinking that a platform is not the best for the client for 18 months before taking action, as happened in one case, was unacceptable, Mr Percival said.
He said the FCA expects advisers to keep tabs on their decision for clients about the best platform for them.
He said: "We're saying you have to be professional and think about that, then make up your own mind whether it's right or not."
He said it was "rarely if at all possible for planners" to work off one platform when asked by a delegate.
On the face of it though, for certain IFAs it could be okay, if they have a narrow group of clients, he added.

Mr Polson said some planners can do due diligence themselves, or at least the superficial level of it. However, getting help at some point is worthwhile if you don't have the time and or the interest in the detail of due diligence, he said. He said there is nothing wrong with "paying for good kit" if it helps a firm.

He said you cannot "hit and hope with platforms".