Customer engagement is fast becoming a 'buzz phrase'
Friend or foe: Can platforms really help advisers with asset migration?
The Consulting Consortium client services director Ian Stott asks will a ban on legacy commissions create positive consumer outcomes?
Investment platform Skandia has criticised plans by the Financial Services Authority's (FSA's) to outlaw rebates on 'legacy' business paid by fund groups to platforms from 2016.
FundsNetwork has urged the regulator to change tack and include platform re-registration under adviser charging principles as part of a wide-ranging critique of the regulator's legacy asset paper.
FSA rules around legacy assets are "unclear" and "incomplete" and could result in less transparency for consumers, according to the Investment Management Association (IMA).
Next year will be a decisive year for fund supermarkets as they look to make the "huge transition" to the unbundled world, say wrap platforms.
Cofunds is urging the FSA to clarify its stance on legacy commission following confirmation the regulator is pushing ahead with a proposed ban on the payments.
The FSA said it hopes a consultation paper on the treatment of commission on legacy assets has "put to bed" any confusion on the issue, but it warned product providers yet to adapt their systems face an arduous task preparing for the rule change.
Norwich Union has signed a major outsourcing contract which will see the administration of almost three million life and pensions policies in the future handled by reinsurer Swiss Re.