FCA concedes to platforms over marketing payments

The Financial Conduct Authority (FCA) is to allow platforms to receive payments from fund managers in relation to advertising products.

In measures outlined this morning, the regulator said its "core proposal" was that platform charges needed to be clearly disclosed to the end customer. However, it said some platforms had suggested "a number of charges that could still appropriately be taken from firms, including product providers". In essence, platforms will also be able to charge for "unforeseen costs" as a result of actions by a product provider that are essentially one-off in nature. Following a rule amendment, firms will still be allowed to receive: • payments for the work incurred correcting a pricing err...