Platforms

Transact has criticised fund managers for failing to allow advisers to move large holdings from bundled to clean share classes.

Standard Life's wrap platform is to scrap rebates on new and existing business and move to a clean share class only model by the start of the 2014/15 tax year, Investment Week can reveal.

The Tax Incentivised Savings Association (Tisa) is to launch a consultation later this month to look into how to convert bundled share classes held on one platform into clean share classes on another platform when a client re-registers.

Transact has moved to tackle difficulties accounting for the incoming rebate tax with the creation of a new automated system to calculate it.

Platform giant Skandia has opened talks with fund groups on its Select list asking them to supply new preferentially-priced 'super clean' share classes as soon as possible as it responds to the recent tax change announced by Her Majesty's Revenue & Customs...

Fidelity FundsNetwork is to bring forward all rebate payments accrued in the current tax year to before 6 April, in a bid to avoid income tax levied by HM Revenue & Customs (HMRC).

Skandia has expressed frustration at rival platforms failing to allow electronic re-registration of assets, despite being required to do so under the Retail Distribution Review (RDR).

Standard Life is to press fund managers to launch cheaper share classes for large platforms including itself, after HM Revenue & Customs said it would apply income tax to unit and cash rebates.

Legal & General has acquired the remaining 75% of Cofunds it does not currently own, in a deal worth £131m.

Legal & General has agreed to acquire the 75% share capital of Cofunds which it does not already own, for a cash consideration of £131m.