Blog: Have we all missed a trick with the platform paper?

Media coverage on the FSA's delayed platform policy statement has been very interesting, but more for what it didn't say, according to Alastair Conway, sales and marketing director at Cofunds.

Market players have been quick to reassure the industry it said nothing that contradicts development plans already in train. But what of consumers? Do they understand what we're all working towards?

Consumer education on platform changes is scant. Naval gazing has influenced the tone of consumer media coverage to focus on the squabbles.

The FSA and the industry as a whole need to convey to the public the positive strides the industry is taking to be fairer and more focussed on consumer needs.

There's not much point defending investors right to clear, fair advice if they don't know that's what we're doing...is there?

As an industry we've too focussed on how the RDR affects us. A quick glance at some of the weekend coverage on PS 11/9 says it all:

• Mail on Sunday discussed how Fundsnetwork will reveal commissions it receives from fund managers next month

- but where was the context setting of the laudable goals of RDR?

• Independent on Sunday quoted Nucleus'David Ferguson on transparency of charging and the potential for consumers to get a ‘better deal'

- will this simply add to the confusion?

• FT Weekend wrote about the FSA's proposed ban on rebates

- what about the end-goal that inspired this change?

• Another article in FT Weekend, entitled ‘Fund investors left to wander desert of consultation' explained that the platform policy statement is not clear enough and investors and providers alike remain confused

- however valid, where is the counter balance looking at the various ways the industry is helping to increase consumer confidence in the industry?

The personal finance pages have a huge role to play

Yet this weekend we didn't really see anything that helped to clarify the very valid reasons behind the RDR nor explain how the changes will benefit consumers.

If consumers realised financial advisers are changing their business models and getting more qualifications so they can increase the levels of trust in the industry, they would feel more confident in seeking advice.

If they understood the new options of advised and non-advised services and independent and restricted advice, they would see that there is perhaps alternative ways for them to manage their investments with or without advice.

But most importantly it might actually help to get them to engage with their finances.