Wrap platforms are potentially "misleading" advisers by claiming their cash accounts facilitate adviser charging, according to Skandia.
The Old Mutual-owned platform has identified what it considers a host of dangers arising from the way wraps implement adviser charging - including inappropriate use of cash accounts and non-compliant fee forms.
According to Skandia, there may be instances where it is beneficial for the customer to pay adviser charges from the packaged product rather than a cash account, such as when charges are taken out of a pension and subsequently gain tax relief.
It also warned fee forms which simply show consent for payments to be made to advisers will not necessarily be compliant with adviser charging rules.
Different charging options must be made clear to consumers, Skandia said, and advisers must make different charging options clear to consumers whilst also disclosing how adviser charges impact investment returns.
Skandia added advisers should check whether the process in place with their current platform is compliant, rather than just taking the platform's word for it.
"It is worrying to hear some platforms claiming they are already facilitating adviser charging," said Skandia marketing director Nick Dixon.
"There is much more to adviser charging compliance than simply being able to pay an adviser via a customer cash account and some platforms don't seem to be making any effort to provide guidance to advisers to help them achieve a compliant outcome via their platform."
He added: "I would encourage advisers to check the process and documentation other platforms claim to be compliant. It is clear what the FSA is looking for and advisers now need to satisfy themselves that these requirements are being met."
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