The European Commission's draft Markets in Financial Instruments Directive (MiFID) II would, if implemented, ban platforms from issuing fees to discretionary fund managers (DFMs), which would have to come direct from clients.
Article 4a of the draft rules, leaked last month, bans portfolio managers from accepting any fees from third parties on clients' behalf.
It states: "When providing portfolio management, the investment firm shall not accept or receive fees, commissions or any monetary benefits paid or provided by any third party or a person acting on behalf of a third party in relation to the provision of the service to clients."
If enacted, the ban would affect platforms that have set up client cash accounts to make payments direct to DFMs, which includes Ascentric, Transact, Nucleus, Novia, Standard Life and Axa Elevate.
David Ferguson, Nucleus chief executive, said: "I'd imagine it's either OK [for us] or a small tweak would make it OK."
Axa Elevate said it would wait for the final rules before commenting.
Under the RDR, the FSA's adviser charging rules apply only to firms providing personal recommendations, and do not capture the activity of firms providing portfolio management services.
Graham Bentley, head of proposition at Skandia, which does not use client cash accounts, said: "The EU and FSA in particular appear deeply suspicious of platforms and providers relying on instructions from third parties to facilitate payments.
"Hence the FSA adviser charging requirement for providers and platforms to 'obtain and validate the instructions of the retail client" in respect of such facilitation of payment."
All 27 member states of the EU have to comply with the MiFID II rules.
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