Platforms

Cofunds is to hire Suffolk Life's David Hobbs as managing director of operational services in the latest shake-up at the platform.

Verona Smith, Cofunds marketing director, has exited the platform following its takeover by Legal & General, Investment Week understands.

Skandia has taken a number of steps to speed up re-registration processes with platforms that are currently unable to handle automated re-registration.

Skandia has said its discounted fund panel Select will not be affected by the Financial Conduct Authority's (FCA's) final rules on platforms, despite a ban on subsidies.

Old Mutual Wealth, comprising Skandia and Old Mutual Global Investors, reported assets under management rose by 8% in Q1 to £74.5bn, driven by a stronger performance in areas like its international business.

Cofunds CEO Martin Davis is to leave the business following a restructure in the wake of its sale to Legal & General (L&G).

AXA Wealth's Elevate platform has seen assets under management increase 50% from £4bn to £6bn, according to its first quarter results.

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.