Platforms

Platforms have predicted the swift death of the rebate model following confirmation that HM Revenue & Customs (HMRC) will apply income tax to both unit and cash rebates.

The decision by HMRC to tax rebates to consumers has prompted Skandia to review its recently announced unbundled charging structure, Investment Week can reveal.

Alliance Trust Savings (ATS) is to convert its legacy business to clean share classes, after HM Revenue & Customs (HMRC) announced it will tax unit and cash rebates.

Leading platform Fidelity FundsNetwork expects HMRC to rule imminently that rebates paid to consumers are taxable.

Investment platform Skandia has criticised plans by the Financial Services Authority's (FSA's) to outlaw rebates on 'legacy' business paid by fund groups to platforms from 2016.

Aviva has scrapped plans to add a group ISA and group SIPP to its employee benefits platform, Work:Life.

The Financial Services Authority is planning to ban rebates on legacy business which are paid by fund groups to platforms from 2016, in a move which will shake up the platform industry and force providers to charge groups for additional services.

Graham Bentley has quit Skandia amid the fallout from the group's merger with Old Mutual.

Standard Life is investigating an error that has left thousands of advisers being quoted inflated fund prices on a number of platforms.

Hargreaves Lansdown co-founder Stephen Lansdown has joined Peter Hargreaves as a member of the Forbes list of billionaires.