The Financial Services Authority (FSA) is delaying implementation of its platform fund reporting requirements by one year due to "operational issues" which have recently come to light.
In its August policy paper (11/9), the watchdog said from January 1, 2013, platforms will be required to provide investors with notifications received from fund managers surrounding any changes in their investments.
But the regulator today said it has decided to defer implementation of the rules to the end of 2013 due to the recent lobbying efforts of trade bodies and platforms.
"We have decided to defer from the end of 2012 to the end of 2013 the implementation of the nominee information provision requirement," said an FSA spokesperson. "This is around some of the operational issues which have only recently come to light after feedback from firms and trade bodies around how they would implement this."
The spokesperson added the regulator remains committed to ensuring investors receive fund information but a question mark remains around how the move will be enacted.
Platforms have voiced concern the fund reporting rules - and in particular the requirement to send information to investors by post where it cannot be sent electronically - will place an unnecessary and expensive burden on the industry.
The FSA spokesperson added the remaining platform rules set out in policy paper 11/9 remain in place.
Meanwhile, it has emerged the long-awaited platform consultation paper setting out rules surrounding rebates will be published before this summer's London Olympics.
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