The Financial Conduct Authority (FCA) has confirmed execution-only platforms will be caught up by its cash rebate ban and has blamed a "typographical error" for earlier confusion.
Platforms expressed surprise in 2011 when the FCA's predecessor, the Financial Services Authority (FSA) did not include execution-only platforms in its proposals to ban cash rebates paid by fund managers. The FCA said today the rules would apply to "advised and non-advised platforms", and admitted a "typographical error" was the reason its August 2011 PS11/9 policy statement excluded execution-only platforms. "We have received a number of queries about the ‘platform service' definition," a footnote to the FCA's platform paper read. "Due to a typographical error, the definition does...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- 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
