It has been reported that Intelliflo may become, like FNZ, a Critical Third Party, or CTP.
As such, it will have the regulators on its back.
Maybe it is already deemed to be a CTP.
The FCA regulate Critical Third Parties, CTPs, and as advisers know, that is not a comfortable experience.
It favours smaller firms under the radar in the short term, by allowing them to devote resource to customers, and not be diverted to answering Regulator’s letters.
Ultimately, the FCA will be able to stop adviser firms from using a critical third party.
The key point for the CTPs is that the FCA has the information to weaponize that approach.
By asking regulated firms which software they use, they know who uses what, and can direct operations from FCA HQ.
“Please explain why you decided on this software partner?”
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