Fidelity has expressed "sympathy" for wraps following plans for a cash rebate ban - a move it says will be difficult to implement - and thinks the regulator may reconsider its position.
Earlier this month, the FSA proposed banning cash rebates paid to client cash accounts, arguing they could be used by advisers to disguise the price of advice and thereby undermine its drive to transparent charging. The move, set out in the regulator's long-awaited consultation paper, will impact wrap platforms operating unbundled charging structures. Rebates will now have to be made in the form of units. But Fidelity head of platform sales and DC business Julian Webb thinks such an undertaking will be complex. "Whilst I can understand where the FSA is coming from and think the rat...
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