Fidelity criticises 'underwhelming' FSA platform paper

Fidelity's Gary Shaughnessy has criticised the FSA for delaying its decision on a proposed cash rebate ban in today's 'underwhelming' platform paper.

The group’s UK managing director said a longer consultation period and the ongoing lack of clarity will be detrimental to consumers. “After such a significant delay, the publication of today’s RDR Platform Policy Statement is underwhelming,” Shaughnessy said. “Its conclusions, which in the main will lead to more consultation, are not good for consumers, not good for advisers and not good for the industry. “As an industry the priority was to now move into implementation, but instead today’s outcome will simply lead to yet more debate, more consultation and even more cost. "Clearl...