Ed Dymott says Fidelity is actively lobbying the FSA to re-think its proposed cash rebate ban and is "confident" the regulator will pay heed to the platform community's concerns.
Fidelity’s head of UK fund partners revealed the platform is lobbying the FSA with the same intensity as its efforts to overturn the planned ban on fund manager rebates and is hopeful a “working solution” will be found. “The FSA now well understands the issues raised and I am confident we will see a response addressing these issues in the policy statement,” said Dymott. “Whether or not we get a full reversal I don’t know but I think we will get a cost-effective way of dealing with these issues.” These include the cost of processing tiny unit rebates, the fact platforms can still offer...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
