Advisers must act now to be prepared for the end of fund rebates on legacy platform business. Your platform should be ready to assist too, writes Cofunds' Sam Christopher.
For platforms, advisers and investors who use them, 6 April was a milestone date. Now platforms can no longer be paid for new or disturbed business via rebates on fund management charges. Instead, the end-investor has to pay the platform an explicit fee. Attention needs to be given to another date fast approaching. By 6 April 2016, the Financial Conduct Authority (FCA) has stipulated that all legacy platform business must be converted to unbundled platform pricing. This is not just an issue for platforms. Most have chosen to unbundle charges by moving to clean share classes, resulting...
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