The Financial Conduct Authority (FCA) has confirmed execution-only platforms will be caught up by its cash rebate ban and has blamed a 'typographical error' for earlier confusion.
Platforms expressed surprise in 2011 when the FCA's predecessor, the Financial Services Authority (FSA), did not include execution-only platforms in its proposals to ban cash rebates paid by fund managers. The FCA said today the rules would apply to "advised and non-advised platforms", and admitted a "typographical error" was the reason its PS11/9 policy statement excluded execution-only platforms. "We have received a number of queries about the ‘platform service' definition," a footnote to the FCA's platform paper read. "Due to a typographical error, the definition does not reflec...
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