SIPP rebate ban 'makes sense': Providers

The Financial Services Authority (FSA) said in its August policy statement  11/09 that it will not ban fund manager rebates to platforms before the retail distribution review (RDR) as it must conduct more research first. Similar rebates for SIPPs will also be a focus for scrutiny, the paper said. The FSA usually counts SIPPs as retail investment products, not providers of investment services, putting them outside the definition of a platform. "As part of our further work, we will consider whether the definition excludes firms which give a similar outcome to a retail client as platf...