Execution-only platforms hit by rebate ban

In today's consultation paper, the watchdog confirmed plans to ban both fund manager rebates - payments from providers to adviser platforms - and cash rebates paid from providers to consumers via platform cash accounts. But it also plans to read across the rules impacting adviser platforms to execution-only platforms. The move could have a significant impact on direct to consumer offerings such as Hargreaves Lansdown. "A number of the consumers of non-advised services interviewed claimed the platform service was free to them - which is perhaps unsurprising, since non-advised services ...