AXA warns of super clean 'cartel' between platforms

A breakaway movement of platforms pushing for special share classes could create a ‘cartel' between bigger firms, according to AXA Elevate.

The decision of larger firms to push for ‘super clean' funds follows HM Revenue & Customs' decision to tax rebates. Platforms have been consulting legal teams over the validity of such a deal. Yesterday, Standard Life said it "remains comfortable" that moving to preferential share classes complies with competition law, despite possible challenges from rival platforms. But regardless of the legality of such a move, a small number of adopters could create a platform "cartel", hindering easy transfer of assets, said Elevate distribution director Shaun Sandiford (pictured). "Before re-...