fund platform

Investment platform Skandia has criticised plans by the Financial Services Authority's (FSA's) to outlaw rebates on 'legacy' business paid by fund groups to platforms from 2016.

Aviva has scrapped plans to add a group ISA and group SIPP to its employee benefits platform, Work:Life.

The Financial Services Authority is planning to ban rebates on legacy business which are paid by fund groups to platforms from 2016, in a move which will shake up the platform industry and force providers to charge groups for additional services.

Skandia, one of the UK's largest platforms, has reported a £2m profit in 2012 following a surge in funds under management.

Skandia has announced the full list of funds which will make up its Select range, following months of negotiations with fund groups.

Cofunds, the UK's largest platform, has backtracked on its unpopular policy on re-registration after an outcry from peers and advisers.

The FSA now intends to publish its long-awaited final platform paper in Q2 2013, having originally planned to release final rules by the end of last year.

Cofunds has become the UK's first platform to pass £50bn of assets under administration (AUA).

Platform giant Hargreaves Lansdown has said it is ready for any price war started by rivals looking for a foothold in the direct to consumer market.

Platform giant Skandia has reversed its post-RDR stance requiring advisers who take a percentage fee to get a new client agreement every time a top-up into an investment is made.