When selecting platforms, advisers have to reconcile two opposing interests – the needs of the client and the needs of the firm.

Platforms are products for clients, and they are the ones who almost always pay for them. But the reality is that platforms primarily provide services to advisers to help them look after their clients’ portfolios.

The two purposes have different selection criteria. There is clear evidence advisers are shifting their view of platforms and how they choose them, and that they are primarily focusing on their own needs, according to our latest UK Adviser Platforms: Platform Selection report.

This horses-for-courses approach became less relevant as platforms became more similar in their pricing and capabilities

But the good news is that maybe this is in the clients’ best interests after all.

The ‘platform as product’ approach was dominant for many years. Platforms have come in many shapes and sizes, each with their own particular features and even peculiarities.

Charging structures varied – some were great for smaller clients, while others were better for large portfolios or clients with workplace pensions.

Functionality was also different across the market. Some platforms were fine if you stuck to simple transactions, while others could handle more complicated and specialised business.

So, a firm with a range of client profiles typically used a variety of different platforms and selected them on a client-by-client basis.

Platforms may be basically quite similar but they all have their own idiosyncrasies that advisers and support staff need to master

But this horses-for-courses approach became less relevant as platforms became more similar in their pricing and capabilities. Nowadays, maximum platform charges are mostly clustered around the 0.3%-0.35% and they are expected to include almost every functionality.

Differences remain, but they have become less important, except perhaps in a few special situations.

As charges and features have converged and some platforms have become sufficiently cheap and capable for the needs of most clients, it was enough to use just one or perhaps two or three platforms.

Of course, some advisers had long ago decided to focus on a very few platforms because they had low-cost special deals with providers that were competitive for virtually all their clients – or, in a few cases, they simply had a homogeneous clientele.

Unsurprisingly, some players have called for more transparency about special deals and platform charges that mostly remain confidential

Selection on a client-by-client basis may have optimised individual client suitability (at least theoretically) but it bred inefficiencies for the advice firms that used this approach.

Platforms may be basically quite similar but they all have their own idiosyncrasies that advisers and support staff have needed to master.

Using multiple platforms means less expertise within firms in using individual platforms, together with more admin, more staff training and greater danger of mistakes. All these risks and costs are ultimately passed on to clients.

Consumer Duty’s ever-expanding requirements for advice firms is also looming over advisers’ heads. Less efficiency and higher costs limit the scope to charge clients less.

The drive for efficiency has led many advisers to think differently and more strategically about the way they select platforms. The average number of platforms advisers use has declined as they increasingly regard them as the administrative ‘plumbing’ for clients’ investments. So, what’s changed and what has stayed the same?

Advisers’ growing focus on using fewer platforms has yet to reduce platforms numbers in the market

Pricing remains important. Concentrating business onto one or two platforms allows newer platforms with whizzier tech to provide very competitive standard pricing in the mid to low teens or even less. Older platforms can often offer special deals that can match these rates or better them.

Unsurprisingly, some players have called for more transparency about special deals and platform charges that mostly remain confidential.

But clients of firms that cling to the horses-for-courses approach and pay the standard charges are probably missing out.

The adoption of adviser-controlled platforms is another sign of this shift. Larger firms are more likely to go down this route, pioneering greater control of their advice process as well as lower charges, some of which they might pass onto clients.

Another symptom is the acceleration in the volume of transfers between platforms. Over 50% of advisers have transferred assets in the last 12 months – many citing cost and service as primary drivers. Advice firm consolidation is also a powerful push factor.

Advisers’ growing focus on using fewer platforms has yet to reduce platforms numbers in the market. But with more platform switching, winners and losers are bound to emerge – with the inevitable platform consolidation to follow.

Lottie Bussell-Ahern is associate analyst at Platforum

MARTIN Lewis has warned against paying a regular household bill monthly – and it could even be cheaper covering the cost using a credit card.

The consumer champion said to steer clear of paying for car insurance in regular instalments over the year and instead pay annually if you can.

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In a recent poll on X, Lewis asked his followers how they pay for motor cover, with over 32% revealing they do it via monthly direct debit.

In response to the figures, Martin said he was taken aback at how many were not paying up front.

This is because when you pay monthly, the insurer classes it as you taking out a loan and charges you interest, meaning you pay more.

When you pay up front there’s no interest on top.

Martin said: “Monthly direct debit is a LOAN – they pay the year for you and loan you the money often at 20% – 40% APR way more than a typical credit card.

“I’m shocked by how many pay by monthly DD. Avoid if at all possible.”

Martin went on to say while he understood paying for car insurance monthly can help drivers budget, the APR’s charged by many big insurers mean a cheaper option can be paying annually with a credit card, ideally charging 0%.

And even some credit cards without interest-free periods charge lower rates than insurers.

APR refers to the total cost of your borrowing for the year.

Martin added: “If you have to, most would be far better to put it on a 0% card and repay it over the 12 months.

“Or even a standard high st card with APR 20%, undercuts many big insurers who charge up to 40% APR.”

The latest MSE newsletter revealed how Direct Line charges 23% APR, Aviva 16%, Esure 26% and Hedgehog 44%.

How to use a credit card to pay for car insurance

Interest-free credit cards let you spend for a set period of time without being charged interest, after which point you are.

However, you still have to make monthly repayments and if you miss them can see your 0% interest deal removed.

But they can be a good option if you need to cover an up front cost, like an annual payment for car insurance.

In this case, you would pay for your car insurance up front using the credit card, then pay off the balance each month.

This of course means you would have to work out how much you need to pay off each month so you are not left with any outstanding balance after the 0% interest period ends.

As an example, if your car insurance policy cost £480 for the year and your 0% period lasted 12 months, you would need to pay off £40 on the credit card each month.

You may also be able to pay a minimum payment each month, which makes your repayments more manageable.

However, you may breach the 0% interest period and have to pay interest on any outstanding balance which will cost you more overall.

Meanwhile, if you’re using a normal credit card to pay for your car insurance up front, paying just the minimum amount each month may be more expensive than paying your insurer monthly if it means you are paying off the loan, and the interest on that loan, over a longer time.

Of course, always bear in mind that a credit card is still borrowing and if you are using one to pay for your car insurance, try limiting it to just that and don’t use it on other spending as your repayment costs could rack up.

If you do miss monthly repayments, you can be hit with late payment fees with the typical charge around £12.

Meanwhile, not everyone will be eligible for a 0% credit card and you may be refused one if your credit rating is poor.

You can check our the best credit card deals by going on price comparison sites like MSE, MoneySuperMarket and Compare the Market.

How else to save money on car insurance

Tom Banks, car insurance expert from GoCompare previously told The Sun it’s worth parking your vehicle in a garage or driveway, if you have one, as parking off-road can lower the chances of it being vandalised or stolen.

“Insurers will deem you as less of a risk to insure, thereby lowering your premium,” he explained.

If you’ve got the budget, consider installing alarms and other safety devices in your car too.

“These could help bring your car insurance cost down, as well as keeping your vehicle safe,” Tom advised.

Up your voluntary excess as well – this is the maximum figure you have to pay if you are involved in an accident.

By increasing your excess, you are taking on more financial responsibility for your driving – insurers reward this by offering you a cheaper premium.

If you’ve recently added any modifications to your car, make sure they are included in your policy to ensure you’re covered as well.

If not, you may find your policy is invalidated and you’re forced to pay out over the odds in the case of an accident.

What is car insurance?

Consumer reporter Sam Walker talks you through what car insurance is and what it covers you for…

Car insurance pays out if your vehicle is stolen, damaged, catches on fire or is involved in an accident.

As a minimum, it protects you against any damage you case to other road users, the public or their property – these are called third parties.

You only need to claim on your car insurance when an accident is your fault.

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If another motorist is to blame, their insurance should pay out instead.

Car insurance, unlike home insurance, is a legal requirement and if you don’t have it you can be fined up to £1,000.

You can also have your vehicle seized and destroyed.

However, you don’t need to insure your car if it is classed as “off-road”, or holds a statutory off road notification (SORN).

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The vehicle has to be kept on private land and not a public highway though.

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The Chartered Institute for Securities & Investment (CISI) has appointed Neil Atkinson as a new member of its board.

The board of directors is comprised of representatives who are typically drawn from the financial services sector and meet four to five times a year.

Atkinson is Euroclear managing director (MD) and global client executive. Prior to that he was HSBC MD, global head, platform solutions.

He has over 30 years financial services experience and specialises in capital markets, post trade, financial market infrastructure and clearing and settlement.

Atkinson is a CISI chartered fellow, member of the CISI membership and international committees, and has received a Leader Coach Accreditation from the Association for Coaching.

CISI chair Michael Cole-Fontayn said: “We are delighted to welcome Neil to the CISI board of directors.

“We look forward to his support and leadership as we continue to grow our global membership, promoting lifelong learning, qualifications, standards, trust and the importance of professionalism.”

In July 2024, the CISI announced it is working with The Institute and Faculty of Actuaries (IFoA) to support actuaries in their understanding of ethical issues when deploying artificial intelligence (AI).

This means the IFoA’s 32,000+ members can now study for the CISI certificate in ethical AI.

MCDONALD’S is switching up its menu just in time for Halloween, including adding two never-before-seen hot drinks.

The home of the Big Mac is also known for its extensive drinks menu, which includes a range of shakes, coffees and frappes.

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The fast-food chain frequently treats fans to a number of limited edition drinks, including the brand-new Twix Latte which was launched last month.

Now, the home of the Golden Arches is adding two more hot drinks for Halloween.

A new Toasted Marshmallow Latte and Toasted Marshmallow Hot Chocolate will be available from October 16.

Meanwhile, fans of the popular Mozzarella Dippers will be excited brand-new Cheese Bites will be coming to a restaurant near you on the same day.

One popular breakfast item has also been given an upgrade this autumn.

The iconic McDonald’s Hash Brown will be available in a new Mini size with the same crispy exterior and soft fluffy interior we all know and love.

I got an exclusive invite to try three of the new menu items before anyone else ahead of their public debut next week.

I’ve always been a fan of a coffee in the morning, so I was keen to give the new Toasted Marshmallow Latte a taste.

The coffee is strong but the toasted marshmallow flavoured syrup and dusting satisfy any sweet tooth.

It’s very similar to the popular Toffee Latte but has been given an autumnal twist.

It’s the perfect drink for a cold winter’s morning and I’m sure commuters will be queuing to grab one before they head into the office.

The whipped cream on top felt indulgent at first, but it melted quickly into the warm coffee, giving it a surprisingly smooth texture.

I’d give it a 4 out of 5.

Those who don’t like coffee are also covered as the fast-food giant has launched a Toasted Marshmallow Hot Chocolate, which has the same marshmallow syrup and flavoured dusting.

When I take a sip my mouth is filled with the rich chocolate, which is sickly sweet.

Fans of a Starbucks Classic or White Hot Chocolate will love it but I found it overpoweringly sugary.

Overall I’d score it a 3.5 out of 5.

What’s joining the McDonald’s menu?

The Halloween menu items are:

• Cheese Side – £2.49
• Cheese Side Sharebox – £6.79
• Toasted Marshmallow Latte – £2.59
• Toasted Marshmallow Hot Chocolate (Only available in Large) – £2.19
• McCrispy® Deluxe – £5.99
• McCrispy® Deluxe Medium Meal – £7.79
• Halloween M&M’s® McFlurry® – £2.19
• Halloween M&M’s® McFlurry® Mini – £1.59
• Galaxy® Caramel McFlurry® – £2.19
• Galaxy® Caramel McFlurry® Mini – £1.59
• Toffee Apple Pie – £1.99
• Mini Hash Browns Single Portion – £1.49
• Mini Hash Browns Sharebox – £2.99

The Toasted Marshmallow Latte costs £2.59 while the Toasted Marshmallow Hot Chocolate is only £2.19.

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I’m a big fan of McDonald’s Cheese Melt Dippers, so I had high hopes for the brand-new Cheese Bites.

And I’m pleased to say I was not disappointed.

The mozzarella and emmental flavours hit my taste buds as soon as I bit into one of the bite-sized pieces.

Meanwhile, the smoky caramelised onion flavoured breadcrumb coating added a sophisticated flavour to what is otherwise, essentially, a lump of cheese.

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The Cheese Bites come with a BBQ Dip, but I don’t think they needed it as they packed a serious punch on their own.

I’d rate them a solid 4.5 out of 5.

They come in portions of five for £2.49 or a sharebox of fifteen for £6.79.

Last up were the new Mini Hash Browns.

I have always been a sucker for a Hash Brown, so I was keen to give the new Mini version a try – and they did not disappoint.

The outside is extra golden and crunchy, as you would hope with any good Hash Brown.

But because they’re smaller than the original there is more batter, which makes them extra crunchy.

Inside the potato is still soft and fluffy while melting in the mouth.

I’d say they are better than the original Hash Brown and would give them a score of 4.5 out of 5.

Unlike the Cheese Bites, the Hash Browns do not come with sauce – but I think they are much tastier when dipped in tomato ketchup or brown sauce.

I definitely think it’s worth getting a dip to go.

Maccies fans can pick up five for £1.49 or a sharebox of 15 for £2.99.

Does McDonald’s often change its menu?

It is not unusual for McDonald’s to make changes to its menu across its 1,400 stores.

Just last week the fast-food chain confirmed that it was bringing back the much-loved McRib burger which had not been seen in the UK for nearly ten years.

Meanwhile, last month saw the return of McDonald’s popular Monopoly game.

To celebrate the launch it added six new items to its menu, including the never-before-seen Twix Latte.

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