Wrap/platforms

The Financial Conduct Authority (FCA) has cautioned platforms against maximising legacy commission by waiting until the April 2016 deadline.

The Financial Conduct Authority's decision to ban rebates on legacy business from April 2016 is set to be a painful one for the industry, according to Cofunds.

PLATFORMS

The Financial Conduct Authority (FCA) has confirmed execution-only platforms will be caught up by its cash rebate ban and has blamed a 'typographical error' for earlier confusion.

The Financial Conduct Authority is to ban firms with platform and fund management arms effectively giving away platform services for free, in return for investment into its in-house funds.

The Financial Conduct Authority (FCA) is to allow platforms to receive payments from fund managers in relation to advertising products.

The Financial Conduct Authority (FCA) is to permit rebates from fund managers to platforms in cash, provided they are passed on to consumers in full in the form of additional units.

The Financial Conduct Authority (FCA) is to consult on reading across its rules on platforms to adjacent markets, such as the self-invested personal pension (SIPP) arena.

The Financial Conduct Authority is to allow nominal ‘de minimis' cash rebates of £1 or less, despite outlawing the payments in all but name.

Platforms must fully comply with the Financial Conduct Authority's (FCA's) ban on cash rebates from product providers to platforms by 6 April 2014, the regulator has stated.