FCA tells platforms: do not wait until 2016 to convert legacy book

Firms will be forced to move all clients to clean share classes within a two-year period of the 2014 implementation date, which platforms said would lead to "pain" for the industry. However, FCA head of investment policy David Geale said the regulator would be concerned if firms did not make concrete process within that time. "We absolutely expect to see progress and some firms have already started that," he said. "The industry told us it would be difficult to do it all in one, which is why we allowed [an additional two years], but we wouldn't expect them to wait until that point."...