Network and support services firm Tenet has asked platforms for clarity on their legacy commission switch-off plans but said it is "confident" advisers are "on top of" the process.
The network sent letters to platform providers asking them to clarify how they intend to approach the regulator's 'sunset clause' and their intended timescales. The question was posed as part of the firm's regular due diligence of platforms and is aimed to keep advisers "in as informed a position as possible" about potential legacy issues but is no indication Tenet is worried about the progress, said managing director of Tenet Connect and Select Mike O'Brien. The Financial Conduct Authority (FCA) outlined in its platform paper in April last year it intended to ban rebates on new busin...
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