AJ Bell is aiming to start converting existing fund holdings on the platform to the clean share class equivalents in the final quarter of the year.
The conversion process will be carried out on a fund-by-fund basis in order to reach completion well in advance of the regulator's April 2016 deadline. Platforms are required to fully comply with the Financial Conduct Authority's (FCA's) ban on cash rebates from product providers to platforms on new business by 6 April 2014. They will then have two years - until 6 April 2016 - to ensure they charge customers a platform charge for the remaining legacy business. From 6 April 2014, the Sippcentre platform's Funds & Shares Service will host more than 3,000 clean share classes and 1,00...
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