Execution-only platforms need to disclose terms: FSA

Execution-only platforms, such as Hargreaves Lansdown's Vantage, could be subject to the same disclosure terms as those platforms conducting adviser business, the FSA says.

While most industry respondents to the FSA platform paper believe changes to platform remuneration should also apply to non-advised business, the FSA says it will not ban payments from product providers to platforms in this channel.

However, the FSA it is desirable for there to be common standards for advised and non-advised business "wherever possible", which includes disclosure.

The FSA plans to publish a separate consultation paper on how platforms should disclose their charging structures, including fund manager rebates, on top of its second consultation document in February.

"We will be seeking to achieve the same standards for many of our proposals such as disclosure, re-registration and fund information," it says.

"The Adviser Charging rules do not apply to non-advised business, so our proposals to prevent product charges being automatically rebated in cash to consumers will not apply to consumers who have not received advice in relation to the transaction."