FSA stops short of applying rebate ban to life cos

clock

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 regulator today confirmed its intention to ban both fund manager rebates to platforms and cash rebates to consumers. But it stopped short of saying it would apply the ban, if it is finalised, to non-platform services including SIPP operators, life companies offering life wrappers, discretionary fund managers and execution-only brokers. Many had expected it would read across the rules to non-platform sectors, arguing not doing so could create market distortion. The watchdog said the platform market is different to the life market because the former offers "additional" services, ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Platforms

DIY investment market hits £392bn as top five platforms remain dominant

DIY investment market hits £392bn as top five platforms remain dominant

Hargreaves Lansdown market share slips

James Baxter-Derrington
clock 26 February 2024 • 1 min read
Hargreaves Lansdown profits drop 8% as platform ramps up technology spend

Hargreaves Lansdown profits drop 8% as platform ramps up technology spend

Net new business slows to £1bn

Valeria Martinez
clock 22 February 2024 • 2 min read
Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted

Retail access to crypto ETFs to face Consumer Duty hurdles even if 'unlikely' UK approval granted

Platform concerns over investor protections

Valeria Martinez
clock 17 January 2024 • 3 min read
Trustpilot