Axa warns of super-clean 'cartel' between platforms

clock

A breakaway movement of platforms pushing for special share classes could create a ‘cartel' between bigger firms, according to Axa Elevate.

The decision of larger firms to push for ‘super-clean' funds follows HM Revenue and Customs' decision to tax rebates. Platforms have been consulting legal teams over the validity of such a deal. Yesterday, Standard Life said it "remained comfortable" that moving to preferential share classes complied with competition law, despite possible challenges from rival platforms. But regardless of the legality of such a move, a small number of adopters could create a platform "cartel" hindering easy transfer of assets, said Elevate distribution director Shaun Sandiford. "Before re-registrat...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Andrew Goodwin: Five basic principles for choosing a platform

Andrew Goodwin: Five basic principles for choosing a platform

Identifying a platform with staying power

Andrew Goodwin
clock 27 May 2025 • 4 min read
Platform innovation: Terry Huddart on Platform One's execution only portal

Platform innovation: Terry Huddart on Platform One's execution only portal

'It's continuing to garner a good reputation in terms of its UX'

Terry Huddart
clock 21 May 2025 • 6 min read
Back to basics: Let's not forget platforms' fundamental attractions

Back to basics: Let's not forget platforms' fundamental attractions

'Providers have to shoulder the bulk of the blame for this knowledge gap'

Steve Andrews
clock 20 May 2025 • 4 min read