Revealed: the FSA typo that excluded execution-only platforms

clock

The Financial Conduct Authority (FCA) has confirmed execution-only platforms will be caught up by its cash rebate ban and has blamed a 'typographical error' for earlier confusion.

Platforms expressed surprise in 2011 when the FCA's predecessor, the Financial Services Authority (FSA), did not include execution-only platforms in its proposals to ban cash rebates paid by fund managers. The FCA said today the rules would apply to "advised and non-advised platforms", and admitted a "typographical error" was the reason its PS11/9 policy statement excluded execution-only platforms. "We have received a number of queries about the ‘platform service' definition," a footnote to the FCA's platform paper read. "Due to a typographical error, the definition does not reflec...

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 platform hits record AUM as inflows rise 19%

AJ Bell platform hits record AUM as inflows rise 19%

13% rise over the past year and a 1% increase in the quarter

Linus Uhlig
clock 24 April 2025 • 2 min read
Wealthtime signs ten-year deal with Wipro to overhaul platform

Wealthtime signs ten-year deal with Wipro to overhaul platform

The firm will use Wipro's artificial intelligence

Sahar Nazir
clock 01 April 2025 • 2 min read
Adviser platform assets up to £616.2bn in 2024

Adviser platform assets up to £616.2bn in 2024

Strong advised platform new business throughout 2024

Jenna Brown
clock 19 March 2025 • 3 min read