Wrap/platforms

The majority of advisers are positive on the impact the retail distribution review (RDR) will have on consumer confidence, while many have said there are signs it has already started to improve.

Legal & General (L&G) has signalled its intention to become a "major player" in delivering low cost passive investment solutions to UK retail clients as the group saw profits rise 13% in the first half of the year.

Fidelity is to cut the annual management charge on its range of 15 multi-asset funds for advisers investing through its FundsNetwork platform, after the Financial Conduct Authority banned a cross-subsidy deal.

Axa Wealth's total sales increased by 68% over the first six months of the year, while the firm saw strong growth in assets on the Elevate platform and specialist multi-manager business Architas.

Parmenion Capital Partners has reported pre-tax profits of £568,000 for the year ending 31 March, up from £251,000 the previous year.

The Financial Conduct Authority (FCA) has agreed to issue further guidance on the treatment of legacy cash rebates as part of its next quarterly consultation paper.

Cofunds head of fund group relations Michelle Woodburn is stepping down from the role after six years with the platform.

Nucleus will continue to allow advisers to become shareholders and aims to have introduced an investment process by the end of the year.

Independent wrap platform IFDL is putting its direct-to-consumer (D2C) business Fundsdirect up for sale.

Standard Life has gone live with financial services consultancy firm Altus for automatic re-registration.