Platforms

Standard Life has rejected suggestions the use of preferentially-priced share classes launched by fund groups for specific platforms could breach competition laws.

Four platforms are to allow advisers to automatically calculate tax liabilities for clients, following HM Revenue and Customs' decision to tax rebates paid by fund managers.

Jupiter said today it intends to use the money raised from the Cofunds sale to pay down debt as it unveiled a near £3bn rise in assets under management.

Hargreaves Lansdown has achieved record levels of assets under administration after attracting £4.7bn of new money in the three months to April.

Stirling House Financial Services is launching five new fund of funds aimed at private clients, to be managed by Sarasin & Partners.

HM Revenue & Customs's (HMRC's) decision to tax unit and cash rebates could violate UK case law on competition, according to a platform consultancy.

Skandia is to add clean share classes to its platform following HM Revenue & Customs' decision that rebates to customers are taxable.

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.