Platforms

HM Revenue & Customs (HMRC) is expected to extend its tax on rebates to some discount brokers, even on funds held inside an ISA.

Fidelity FundsNetwork has warned the true cost of implementing the 2016 legacy rebate ban could be far higher than the regulator's predictions because of rules on contacting ‘dormant' clients.

Fidelity FundsNetwork has confirmed it is reviewing its charging structure for investors in its Navigator range who buy the funds via its own platform.

Skandia has expressed fresh doubts about negotiating preferential share classes with fund managers, instead focusing on launching unbundled share classes that will continue to pay rebates.

Hargreaves Lansdown is planning to launch a rebate-free charging model at the start of next year following the latest platform paper from the regulator.

Stephen Mohan, former Cofunds managing director of operational services, has moved to Allfunds Bank to spearhead its growth plans in UK and Ireland.

GOSLING'S GROUSE

Cofunds' Stephen Mohan is leaving the business after a seven-year spell, the platform said today.

Standard Life has said platform providers are unlikely to enter into any price war on the overall cost to the end client as a result of today's platform paper.

The Financial Conduct Authority's decision to ban rebates on legacy business from April 2016 is set to be a painful one for the industry, according to Cofunds.