Blog: FSA has slipped up with platform definition

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I guess it was always inevitable. The first paper, DP 10/2, proposed the ban on rebates to platforms, to the dismay of the fund supermarkets; the second paper, CP 10/29 proposed a ban on cash rebates, bringing foreseeable, albeit slightly muted, protests from the wrap platforms.

So it was always likely that paper three, PS 11/9 went straight down the middle - ban everything, but not now! So now there will be yet more research. You cannot help but wonder why all requisite research wasn't carried out before paper DP 10/2. Now RDR will go ahead without any definitive proposals on platform remuneration. Looking for the positive, at least it means that platforms will not have to rush through system development to cope with new regulations in short time. Such IT developments are inevitable expensive and tend to be less than robust. For me, one of their mistakes ...

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