Platforms could see a sharp rise in operating costs if multiple share classes exist for pre- and post- the cash rebate ban, according to the Tax Incentivised Savings Association (TISA).
The CP 12/12 paper displays a much better appreciation of the way the market works, said director of policy Malcolm Small. However, he voiced concern that the paper continues to address the rebate issue in a way that assumes the current market is not working well for consumers. "It seems that the direction of travel to ban cash rebates has now been set," he said. "Nevertheless there are a number of areas that require clarification. For example, a number of our members are nervous about inadvertently breaching rules on when unit rebates become ‘client money' and have asked us to establ...
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