The cost of implementing the Financial Services Authority's (FSA) platform proposals has reduced from £174.6m to £103.8m as a result of its decision not to go ahead with its ban on cash rebates.
Overall, there will be a one off compliance cost of £55.4m, with £40.4m for platform operators, £2.9m for fund managers and £12.1m for other intermediate unitholders, which includes firms such as ISA and SIPP providers and stockbrokers. Meanwhile, ongoing costs will total £48.4m, with £20.4m for platform operators, none for fund managers and £28m for other intermediate unitholders. The FSA continues to insist there will be no costs to advisers as a result of the changes and explained how consumers will be affected. "Fund managers will continue to be able to offer discounts to end i...
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