The FSA's consultation into platform pricing will not start until the middle of next year as the regulator conducts research into pricing models across the market.
Its consultation will look at all aspects of platform remuneration including fund manager rebates, cash rebates, unbundled charging models and share classes, IFAonline understands.
The consultation process, expected to start in May or June next year, comes on the back of August's platform policy paper in which the regulator delayed a ban on both cash rebates and fund manager rebates pending further research.
The FSA is currently conducting research into pricing models across all platform types and will launch the consultation once this is completed.
It will likely be carried out in conjunction with MiFID II which touches on similar areas such as commission and rebates.
But with the consultation process expected to last a minimum of three months - and possibly longer due to the complexities involved - it is unlikely to reach conclusion until the end of next year.
With a possible 12-18 months then needed for implementation, platform operators may have to wait until 2014 before publication of final rules.
Fidelity Worldwide Investment head of commercial Ed Dymott (pictured) said the time scale involved, in addition to the need to harmonise rules with MiFID II, makes for a highly uncertain regulatory environment.
"Because it is so uncertain as to where these regulatory developments may end up, we believe our pricing model needs to be evolutionary - how we see advisers working in the future but also providing flexibility and choice to enable fund mangers to adapt to market conditions."
FundsNetwork will unveil its hybrid charging model - where advisers can choose between a bundled and unbundled structure - over the next few weeks.
The pricing consultation is expected to focus on fund manager rebates and cash rebates - something which potentially expands its scope far beyond the platform market.
"Platforms are not the only type of businesses which receive rebates," he said. "You also have life insurance companies, discretionary managers and fund of fund businesses.
"Cleary the FSA are going to have to consider all parts of the market when they carry out their consultation."
Execution only platforms will also come under the microscope after the FSA extended its definition of a platform to include the services of execution only brokers in its policy paper.
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