UK Platform Transformation Programme

Regulatory and fiscal changes driving disruption Pension reform Provides customers with opportunity for consolidation and flexibility to manage retirement assets ➤ Demand and complexity driving need for advice ➤ Increased longevity of client relationships for wealth managers versus compulsory annuitisation Government initiatives FCA thematic reviews MiFID II, GDPR & SMCR Auto-enrolment increasing flows into pensions, albeit slowly - future customers for wealth managers Increase in ISA allowances and introduction of JISA and NISA and Junior SIPPS ➤ Continually changing tax and allowances on savings, pension and IHT driving need for advice Asset management market study remedies focussed on driving competitive pressure in asset management, investor value for money and effectiveness of intermediaries Investment Platform study focused on improving competition and better consumer outcomes DB pension transfer advice proposals designed to improve quality of advice and help consumers get better value for their pensions Further increase in regulatory burden for advisers, particularly low scale players and new entrants MiFID II further increase transparency for customers GDPR clarifies existing requirements and increases costs of non-compliance SMCR strengthens individually accountability within the financial services industry Quilter 9

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