Platforms

Today's confirmation that cash rebates will be banned is a 'blow' to wrap platforms and presents a 'significant challenge' to their business models, fund supermarket Skandia has said.

Hargreaves Lansdown is confident its business model has the flexibility to cope with the ban on platform rebates proposed today by the Financial Services Authority (FSA).

The Financial Services Authority (FSA) has suggested it will not extend its proposed ban on platform rebates to life companies, but has promised to explore the issue further.

The ban on rebates from fund managers to platform providers is to cost platform operators up to £10m a year, the FSA has said.

The Financial Services Authority (FSA) has this morning confirmed its intention to ban both payments from providers to platforms and cash rebates to consumers.

FundsNetwork has announced a range of 50 exchange traded funds (ETFs) will launch on the platform for advisers next week.

The Financial Services Authority (FSA) will release its final consultation paper on the platform market before the Olympics begins, Investment Week understands.

Cofunds is negotiating with asset management firms to renew agreements made years ago which could see groups forced to pay extra lump sums to the platform.

FundsNetwork has fired a warning shot to fund managers, saying any "special deals" struck up with rival platforms will be revealed under the transparency principles underpinning Retail Distribution Review (RDR).

This year's Aberdeen UK Platform Awards will once again recognise advisers, large and small, who have achieved excellence in running a platform-enabled business or practice.