FundsNetwork has fired a warning shot to fund managers, saying any "special deals" struck up with rival platforms will be revealed under the transparency principles underpinning Retail Distribution Review (RDR).
Last August, the platform revealed its fund manager fees as it looked to prove its pricing policy was free from commercial bias. The move followed that month's platform policy paper in which the FSA said it will look to enforce consistent disclosure of platform fees and remuneration when RDR is implemented.
"With the RDR introducing much welcomed transparency, it will be clear to see the price for funds through any investment platform," said Fidelity Worldwide Investment head of business development Ed Dymott (pictured).
"There have always been discussions around special deals being done between fund managers and platforms, and although FundsNetwork has never undertaken this type of approach, we will clearly be taking an active interest as these terms become disclosed to see if there are any material differences."
Throwing down the gauntlet to fund managers, FundsNetwork said it does not want to be underpiced in the market and expects to receive the best terms available, in line with the platform's size and scale.
"We do expect to see a levelling of terms across the larger platforms, and as such do not expect to see most favoured nation clauses, or significant deviation between the largest players," added Dymott. "As the largest open architecture platform operator across Europe, we would expect to see FundsNetwork receives the best terms available, so that we can pass these benefits on to our customers."
Dymott said FundsNetwork has been disappointed other platforms have not followed its lead in publishing their terms but added the issue is short term in nature because under RDR all players will have to reveal fund manager fees.
Meanwhile, the long-awaited platform consultation paper setting out rules on rebates is expected to be published in around five weeks.
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