FCA ban may scupper AXA Wealth 'loyalty deal'

The Financial Conduct Authority is to ban firms with platform and fund management arms effectively giving away platform services for free, in return for investment into its in-house funds.

The new rules, which are understood to affect AXA Wealth and Seven Investment Management, are intended to clamp down on what the FCA called a "cross-subsidy" of platform charges. "Product costs should...

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