Advisory support group Tenet is to review the panel of platforms it recommends to IFAs following a warning from the Financial Service Authority about the use of platforms which permit rebates from providers to clients.
In its platform policy paper published this week, the regulator said it was likely to proceed with a ban on cash rebates to consumers. It said it did not accept that cash rebates were necessary to provide a fund to pay for advice, as some stakeholders had argued. One advice firm who uses Tenet's services has told IFAonline it expects the company to remove from its panel those platforms which allow cash rebates, following the warning. Keith Richards, group distribution and development director at Tenet, confirmed its panel arrangements were "under review" in light of the paper. I...
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