2018年-FCA英国金融行为监管局_ms17_1_2_annex_3_59页_1mb

Investment Platforms Market Study Summary

Core Content

This document is a technical report detailing the methodology of a primary consumer research study conducted by NMG Consulting in collaboration with boobook for the Financial Conduct Authority (FCA) as part of the Investment Platforms Market Study (IPMS). The study ran from October 2017 to April 2018 and aimed to understand how consumers choose and use investment platforms, the role of platforms in investment decision-making, and whether there is effective competition in the market.

The report does not include research findings, only the methodology and design of the study. The main report of findings is referenced as the source of the actual results and analysis.

Main Research Objectives

The research had three primary elements:

1. Understanding the types of consumers who use investment platforms:

   • Focus on consumer profiles, needs, attitudes, demographics, and behaviors.
   • Identify whether different types of consumers respond to research questions differently.

2. Choosing and using a platform:

   • Assess how consumers evaluate their needs when selecting a platform.
   • Investigate whether they can access and evaluate product information effectively.
   • Determine if they can compare products and services and assess value for money.
   • Identify any barriers to effective consumer engagement with platforms.

3. Choosing investment products on a platform:

   • Explore how consumers use platform tools and information to make investment decisions.
   • Determine how much weight they give to platform recommendations versus other sources.
   • Evaluate whether platforms are meeting investor expectations in terms of functionality and value.

Methodology Overview

The study used a three-phase, mixed-methods approach:

• Phase 1: Exploratory qualitative research (12 in-depth interviews, 2 focus groups)
• Phase 2: Quantitative survey with a pilot phase (2000 respondents)
• Phase 3: Follow-up interviews (36 in-depth interviews)

The total sample size for the quantitative phase was 3,000 respondents, drawn from the customer bases of 20 largest UK investment platform firms, representing 5.5 million customers. A 2% response rate was expected, leading to the request of 150,000 customer records.

To ensure a representative sample, a weighting scheme was applied due to the reduction in sample size to ~90,000 after cleaning. Some platforms had insufficient records, leading to underrepresentation in the final sample.

Population of Interest

• The study focused on UK customers of 20 largest investment platform firms.
• These firms collectively represent ~90% of the UK platform market by assets under administration.
• The study also included users of other platforms through respondents with multiple platform relationships.

Phase 1: Exploratory Qualitative

Sample Source and Recruitment

• 26 consumers were recruited via Leftfield, using a detailed recruitment screener.
• 12 depth interviews and 2 focus groups (7 respondents each) were conducted.
• Geographically limited to England (South and Midlands) due to the focused nature of the phase.
• Key variables included:
  • Investable assets (four levels: £1,000 - £29,999, £30,000 - £99,999, £100,000 - £249,999, £250,000+)
  • Life stage (Young Singles/Couples/Families, Older Families, Empty Nesters/Retired)
  • Investment experience (high, moderate, low comfort/confidence)
  • Channel type (non-advised and advised, with a slight weighting towards non-advised)
  • Key behaviours (new users, long-term users, switchers)

Fieldwork and Analysis

• Semi-structured interviews and stimulus materials were used.
• Thematic analysis was conducted on interview transcripts to identify common themes.
• Subgroup analysis was used to explore variations in responses based on demographic and behavioral factors.
• Findings were reported to the FCA on 23rd November 2017 to inform the quantitative phase.

Phase 2: Quantitative Survey

Sampling and Quotas

• A representative sample was drawn from the 20 largest firms.
• Quotas were set for each firm based on their account share.
• Minimum quota of 100 responses per platform was set to ensure adequate representation of smaller platforms.
• A 5% margin was added to allow for quality control exclusions.

Screen Out Process

• 524 respondents were excluded for various reasons:
  • 30%: No longer hold investments on the sample platform.
  • 42%: Don’t remember investing via the sample platform.
  • 28%: Worked for the platform or in regulated financial advice within the past 3 years.

Questionnaire Design

• Developed collaboratively by NMG and FCA.
• Based on insights from the qualitative phase.
• Used an 11-point scale for attitudinal questions to capture variance in responses.
• Polarised ends on the scale to encourage meaningful responses.
• Choice Based Conjoint (CBC) exercise was used to assess the importance of platform features in decision-making.

Choice Based Conjoint (CBC) Exercise

Attributes and Levels Tested

Key Considerations

• Brand familiarity was tested using descriptive levels rather than real brand names.
• Ease of use was measured by interface complexity and learning curve.
• Investment options reflected the degree of control and customization available.
• Reporting and research tools were evaluated based on their utility in investment decision-making.
• Annual charges were presented as a percentage to align with how consumers typically perceive them.

Conclusion

This report provides a comprehensive overview of the methodological approach used in the FCA’s Investment Platforms Market Study. It outlines the qualitative and quantitative research phases, the sampling strategy, and the design of the CBC exercise to assess consumer preferences. The study aimed to help the FCA understand consumer behavior, platform effectiveness, and market competition in the UK investment platform sector.