2018年-FCA英国金融行为监管局_ms17_1_2_annex_2_91页_4mb

Investment Platforms Market Study Summary

Core Content

This document presents the findings of a consumer research project conducted for the Financial Conduct Authority (FCA) between October 2017 and April 2018, focusing on the usage, choice, and satisfaction of UK investment platforms. The study involved over 3000 customers of platforms representing approximately 90% of the UK platform market in terms of assets under administration.

Main Viewpoints

1. Profile of Platform Respondents

• There are distinct user groups, differentiated by investment knowledge, confidence, and experience.
• Non-advised respondents tend to be more engaged and active, though some are less experienced and less confident.
• Advised respondents often delegate key decisions to their financial advisers, with low ongoing engagement.
• Multi-homing is common, with over a third of respondents using two or more platforms, and 14% using both advised and non-advised platforms.
• New money is more commonly invested on new platforms than transferred from existing ones, influenced by perceived risk diversification and FSCS protection confusion.

2. Choosing Platforms

• Only 44% of non-advised respondents researched multiple platforms when selecting their platform.
• 18% looked at just one platform, and 16% were moved to their platform by the provider without active selection.
• For non-advised respondents, the breadth of investments and charges are the most important factors when choosing a platform.
• Advised respondents prioritize the breadth of investment options and tools for managing investments.
• Brand and charges are significant but not always accurately perceived, with brand being an understated factor and charges potentially overstated for non-advised users.

3. Usage of Platforms

• Access to a wide range of investments is a key driver for using platforms and remains the most important ongoing factor for non-advised users.
• 72% of non-advised respondents actively research and choose their investments, with 61% creating their own fund and share portfolios.
• Advised respondents rarely choose their own investments and rely heavily on their advisers.
• Checking the value and performance of investments is the primary ongoing activity for both advised and non-advised users.
• Non-advised users are more active, with 42% checking their investments weekly or more often.

4. Platform Charges

• Understanding of platform charges is highly variable, with 33% of respondents stating charges were important when choosing their platform.
• Only 20% can estimate their platform charges over the past year, and 19% are unsure if they are paying any.
• Some respondents find it difficult to see or understand the charges, highlighting a visibility issue.
• Despite this, most respondents believe they are getting value for money from their platforms, as the total cost is perceived as lower or equal to traditional channels.

5. Switching Behaviour

• Only 10% of respondents have switched platforms on a self-directed basis in the last three years.
• Switching is more common among the most engaged and active non-advised users, primarily driven by the desire to access lower charges.
• Actual and perceived barriers to switching include time, complexity, and exit fees.
• 7% of respondents attempted but failed to switch platforms, indicating some challenges in the process.

6. Satisfaction with Platforms

• Overall satisfaction with platforms is high, especially with the key features that respondents value.
• Non-advised respondents highlight benefits such as greater control, access, and convenience compared to traditional channels.
• Advised respondents are satisfied with the ability to view valuations and performance, despite lower engagement levels.
• Satisfaction with charges is lower, with 59% of non-advised respondents satisfied, though 14% are dissatisfied.
• Positive investment returns and quality adviser relationships also influence satisfaction levels.

Key Information

• The study was conducted in three phases: exploratory (qualitative), quantitative survey, and follow-up interviews.
• The sample was drawn from the customer databases of 20 of the largest firms, ensuring a representative mix of platforms.
• The research aimed to help the FCA assess consumer preferences, decision-making, and the effectiveness of competition in the platform market.
• The findings indicate that while platforms are popular and widely used, there are gaps in understanding and visibility of charges, and barriers to switching.

Conclusion

The study provides a comprehensive understanding of how UK consumers interact with investment platforms, highlighting differences between advised and non-advised users, the factors influencing platform choice, and the level of satisfaction with ongoing platform use. It underscores the importance of clear information and the role of financial advisers in shaping consumer decisions, while also noting the challenges consumers face in switching platforms and understanding costs.