commission rebates

'Excessive' use of non-monetary benefits found

Support services provider SimplyBiz is launching a series of events focusing on investments and the sunset clause.

Platforms attempting to dodge the cash rebate ban by paying consumers units in a cash fund would be acting in an 'incredibly foolish' manner and going against the spirit of the rules, Fidelity has warned.

Clubfinance, the discount broker and low-cost investment platform provider, has completed the acquisition of the client bank of Ivan Massow's Paymemy business, and is writing to clients pointing them to advice channels.

Wrap platform Novia has said it will no longer accept cash rebates on new or legacy business from April 2014.

Entrepreneur Ivan Massow's controversial trail rebate firm has gone out of business because "it made a loss every time" it paid commission back to a customer.

The Financial Conduct Authority (FCA) has agreed to issue further guidance on the treatment of legacy cash rebates as part of its next quarterly consultation paper.

HM Revenue & Customs (HMRC) issued a number of clarifications on the updated tax rebate position following requests from providers.

Axa Wealth is calling for a two year sunset clause on the cash rebate ban in order to avoid creating an unfair disadvantage for firms acting in the spirit of the Retail Distribution Review (RDR).

Investors with funds in stock and shares ISAs may become liable for tax charges on the bonuses they receive from platforms, The Times reports.