Revealed: the FSA typo that excluded execution-only platforms

clock

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...

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

Platform innovation: Terry Huddart on 7IM's Online Reporting

Platform innovation: Terry Huddart on 7IM's Online Reporting

'It's a fundamental upgrade to the client area of the platform'

Terry Huddart
clock 24 October 2025 • 6 min read
AJ Bell reports record platform AUM of £103bn

AJ Bell reports record platform AUM of £103bn

AUM and customer numbers both up 19% in the year

Jenna Brown
clock 23 October 2025 • 3 min read
Private markets for the mass affluent: How wealth platforms can scale access

Private markets for the mass affluent: How wealth platforms can scale access

‘The opportunity is clear’

Borja Largo
clock 15 October 2025 • 5 min read