The Financial Conduct Authority (FCA) has said it proposes to consult on exit fees in Q1 2020 as it revealed ‘in-specie’ transfer rules would come into effect on 31 July 2020.
In a policy statement published on Friday (13 December), the regulator said it needed to intervene in both exit fees and ‘in-specie' transfers but plans to consult separately on the former in the first quarter of next year. The regulator said the latest report "complements" the existing rules on transfers that were laid out in its interim report published in March. It said platforms must offer clients the option of ‘in-specie' transfers so investors do not have to sell down their holdings to own the same investments after switching to a new provider. It also said it wanted platforms t...
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