Axa Wealth calls for two-year 'sunset clause' on cash rebate ban

The Financial Conduct Authority's platform paper, published in April, confirmed cash rebates paid to customers from platforms would be banned from April 2014. All other legacy business is required to move away from rebates after a further two-year period ending April 2016. Axa Wealth chief executive Mike Kellard said this two-year transition will unfairly hit firms which have opted for greater transparency and urged the regulator to consider a two-year sunset clause on the cash rebate ban. He said: "The rules as they currently stand force some wraps to implement significant change ...