The Financial Conduct Authority has signalled its intention to help consumers find the right platforms on which to invest. It has done so in a report derived from a study on the subject.

Christopher Woolard of the FCA said: "The market is working well for most of its consumers [but] the package we have announced should make it less expensive and time-consuming for investors to shop around and move to the platform that best meets their needs. As part of that, we believe it is right that we restrict exit fees, so people can move their money freely."

HNW consumers and others also have trouble switching between unit classes - something that the FCA is also determined to remedy. It has drafted up suggestions for new rules to allow the average consumer to switch platforms and remain in the same fund without having to sell his investments. It has not quite decided whether to ban or to cap exit fees.

The financial sector has already made some progress towards improving the switching process, most recently through its STAR initiative. The FCA is encouraging firms not already involved in this initiative to consider taking part.

STAR is a collaboration between Criterion and TeX, which describe themselves as not-for-profit organisations.

The FCA is consulting interested parties about the new rules for switching, with the final date for comment falling on 14 June. It might then consult everybody about its idea for a cap or ban on exit fees.