Wrap/platforms

Today's confirmation that cash rebates will be banned is a 'blow' to wrap platforms and presents a 'significant challenge' to their business models, fund supermarket Skandia has said.

Hargreaves Lansdown is confident its business model has the flexibility to cope with the ban on platform rebates proposed today by the Financial Services Authority (FSA).

The unbundling of platform charges will result in greater price competition between fund providers, the Financial Services Authority (FSA) said today.

The Financial Services Authority (FSA) has suggested it will not read across its proposed ban on platform rebates to life companies, but has promised to explore the issue further.

The FSA has decided to apply its ban on platform rebates to execution-only propositions.

The Financial Services Authority (FSA) has this morning confirmed its intention to ban both payments from providers to platforms and cash rebates to consumers.

Wrap platforms are potentially "misleading" advisers by claiming their cash accounts facilitate adviser charging, according to Skandia.

Cofunds has announced it has hit the £40bn assets under administration (AUA) milestone.

Cofunds has launched its client segmentation and updated fee flexibility functionality as part of the platform's efforts to help prepare advisers for the Retail Distribution Review (RDR).

Cofunds is piloting a graduate and school leaver apprenticeship scheme in order to bring new talent into the industry.