To support adviser due diligence, we have completed our own desktop analysis of different platforms and their treatment of cash interest. This is based on our review of publicly available information.

The table below shows the current interest rates payable to clients on their cash holdings as well as the retained interest charges levied by the platform (where it is disclosed). Where it isn’t disclosed, we have used information from the firm’s report and accounts (again if available). We have also included links to the documents we reviewed in the table below. Note that all links to the documents we reviewed were accessed on 15 July 2026, and content may have changed since then.

Some documents are written for customers and advisers; other documents are written for investors. We recognise that it isn’t easy for advisers and clients to find the necessary information, so the table below is our best endeavour at this based on the information that we reviewed.

Note, Aviva have announced a change to their approach. They will start to take a margin on the interest received on client cash. The platform has told advisers that from 17 August, it will remove its 0.35% platform fee on cash but will instead retain a portion of the interest. Similarly, we are also aware that SS&C Platform Solutions (formerly Hubwise) are altering their approach from the 1 August and are moving to retain 25% of cash interest earned. Given their different business and distribution model, we don’t currently track SS&C on the table below.

Please let us know if we have missed anything.

Note 1: assumes a £25,000 cash balance held in a SIPP

Since 2023 the FCA has issued various regulatory papers concerning how platforms treat cash interest:

1. In December 2023 the FCA wrote to platform CEOs raising its concerns that many investment platforms were retaining a significant share of interest earned on clients’ cash balances, especially following recent base rate rises. The regulator questioned whether this practice delivers fair value, is clearly disclosed, and aligns with the Consumer Duty. It highlighted concerns about “double‑dipping” (retaining interest while also charging fees on cash), poor consumer understanding, and retention levels not reflecting the actual cost of managing cash. Firms were instructed to review practices, improve transparency, reassess fair value, and cease double‑dipping where it occurs.

   Dear CEO Letter

2. In December 2025 (CP25/37) the FCA again reminded platforms about the views they set out in their Dear CEO letter from December 2023.

   Consultation paper 25/37

3.  In June 2026 the FCA published Handbook notice 142 which means that, with effect from 25 September 2026, the manner in which platforms handle cash interest has to be explicitly compatible with the Consumer Duty.  This time the guidance went significantly further than just asking platforms to cease the practice of double dipping, placing greater focus on disclosure and ensuring fair value for clients.  The FCA highlighted that revenue generated from the retention of cash should be reasonable in light of the actual costs of providing the service.

   Handbook Notice 142

4. In July 2026 the FCA launched CP 26/24: Simplifying Consumer Investment Disclosures, which we await the outcome of. We hope these proposals will go far enough to help clients and advisers understand the charges levied on cash interest to enable a fair playing field across all platforms.

   Consultation paper 26/24

We have summarised the key sections of these documents relating to the treatment of cash interest.

Exerts from FCA papers on cash interest

This table shows the effect of retaining cash interest on a client's portfolio, in basis points, for different cash allocations.

Our Treasury Team actively manage cash across multiple banks, improving potential FSCS protection and seeking to maximise the rate of interest that we pay. All interest is paid to clients.

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