The Financial Services Authority (FSA) has suggested it will not read across its proposed ban on platform rebates to life companies, but has promised to explore the issue further.
The regulator today confirmed its intention to ban both fund manager rebates to platforms and cash rebates to consumers. But it stopped short of saying it would apply the ban, if it is finalised, to non-platform services including SIPP operators, life companies offering life wrappers, discretionary fund managers and execution-only brokers. Many had expected it would read across the rules to non-platform sectors, arguing not doing so could create market distortion. The watchdog said the platform market is different to the life market because the former offers "additional" services, ...
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
