A solution to the 'super clean' conundrum

REBATES

clock •

The recent announcement by HM Revenue & Customs (HMRC) on taxing rebates has reinvigorated the share class proliferation debate. Ben Cocks, director of financial services consultancy Altus, gives his view on what will happen next.

The arguments put forward say that because the likes of Skandia and Standard Life can no longer rely on a higher level of rebate to reflect their scale, they will require preferential share classes. With each platform requiring a share class preference commensurate with its scale the result will be a dozen or so share classes for each fund. Clearly, this isn't going to happen. It would be horribly confusing for customers, the rug would be pulled from under the nascent Retail Distribution Review (RDR) driven re-registration initiative and, most importantly, I don't hear anyone voluntee...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

AJ Bell signs up to The Platforms Association's transfer charter

AJ Bell signs up to The Platforms Association's transfer charter

After being missed off TPA’s initial list

Sophia Panayi
clock 28 September 2026 • 1 min read
Big players give The Platforms Association's transfer charter a miss

Big players give The Platforms Association's transfer charter a miss

AJ Bell and Parmenion choose not to sign up

Sophia Panayi
clock 25 September 2026 • 2 min read
Most platforms sign up to transfer charter

Most platforms sign up to transfer charter

Signatories include Benchmark, Fidelity International and Quilter

Sophia Panayi
clock 17 September 2026 • 3 min read