Supermarkets face year of reckoning, say wraps

Cofunds, Fundsnetwork and Skandia have all unveiled plans to launch unbundled charging models following the FSA's August policy paper, which set out plans to ban fund manager rebates - a move some argue effectively rendered the traditional supermarket model obsolete. Wrap platforms believe the need for fund supermarkets to overhaul their business models, in addition to dealing with a ban on legacy commission, will present them with major challenges. "We are in a weird spell at the moment where the big three fund supermarkets have got a huge transition to make into the new world," said...