With the Financial Conduct Authority's (FCA's) long-awaited announcement on how platforms will be paid for, and whether rebates can be paid to consumers, a line has finally been drawn.
Platforms will soon have to be paid for explicitly by the customer rather than the product provider, with rebates to consumers on new business being banned from April next year, and ‘legacy' rebates ending by 2016. Though this is great news, I can't help reflecting on what a long and winding road it has been to get to where we are today. To someone outside the financial services sector, the whole debate about rebates must have seemed like something from another world, with people arguing so hard about maintaining a system where a customer gives money to a management group, just for th...
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