FCA tells platforms: Do not wait until 2016 to convert legacy book

The Financial Conduct Authority (FCA) has cautioned platforms against maximising legacy commission by waiting until the April 2016 deadline.

Firms will need to move all clients to clean share classes within a two-year period of the 2014 implementation date as a result of the move to ban payments from fund groups to platforms, which platforms said would lead to "pain" for the industry. However, FCA head of investment policy David Geale said the regulator would be concerned if firms did not make concrete progress within that time. "We absolutely expect to see progress and some firms have already started that," he said. "The industry told us it would be difficult to do it all in one, which is why we allowed [an additional ...