The Financial Services Authority provided some but not complete clarity to the UK platform industry this week – frustrating some participants while pleasing others.

After several delays in releasing its position on the future of Britain’s investment administration sector and after much consultation, the FSA surprised everybody with the vague timeline lines of when the industry will have to fall into line – not to mention how?

Some in the industry responded with anger as the peak UK regulatory body for financial advice left the door a jar for further consultation and then some more… consultation.

This so-called vagueness is a by-product of the FSA becoming acutely aware that to get to the end destination of its commendable objectives under the Retail Distribution Review (RDR), namely to improve transparency and limit opaqueness in the industry, will likely create a number of unintended consequences for the industry.

What is clear though is that the direction has been set towards a world of clarity.

The end of cash rebates and fund manager payments to platforms are ‘desired outcomes’ but how and when this will happen remains open to debate.

Meanwhile, execution-only platforms have not slipped through the cracks as some had expected it seems – with main industry player in that department, Hargreaves Landsdowne, suffering a big 12% knee jerk drop in its share price the morning after.

Essentially the FSA has left the door open for many of the core issues to be dealt with after the official kick off of RDR at the beginning of 2013.

Such has been the level of consultation and delay thus far, it realises groups will not be able to meet any formal requirements in time now if it were to set in stone the revamping of traditional investment supermarkets now.

This creates the likelihood of an RDR Mark II further down the line, which has left some participants in the market nigh on ‘fuming’.

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