Platforms must fully comply with the Financial Conduct Authority's (FCA's) ban on cash rebates from product providers to platforms by 6 April 2014, the regulator has stated.
They will then have two years - until 6 April 2016 - to ensure they charge customers a platform charge for both new and existing - or legacy - business. The regulator's final platforms paper is due out this morning, but it has released an early statement outlining some of its changes. The successor agency to the Financial Services Authority (FSA) today confirmed platforms must make the cost of their services clear to investors by ensuring they are paid for by a platform charge which is disclosed to and agreed by the investor. It also said it is banning cash rebates for non-advised ...
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
