Delays to the Financial Services Authority's (FSA's) platform paper risks damaging the industry, according to a law firm, with life companies and self-invested personal pension (SIPP) providers most likely to benefit.
The paper has been consistently delayed since it was first announced in 2010, pushing the implementation date back to the middle of 2014. The regulator has faced a number of obstacles after it proposed banning cash rebates while allowing unit rebates. Platforms reacted adversely to the cash rebate ban, while a legal wrangle with HM Revenue & Customs (HMRC) over capital gains tax (CGT) laws is also hampering attempts to allow unit rebates. The delays and expected rebate ban will play well into life and pensions providers operating off platform, said Bruno Geiringer, an insurance par...
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