fund platform

After months of procrastination and frantic lobbying behind the scenes, the FSA has finally unveiled its latest thinking on platforms.

The FSA will allow platforms to facilitate the collection of adviser charges, but says this must be done to the same standard as product providers.

The FSA plans to publish a separate consultation paper on how platforms should disclose their charging structures, including fund manager rebates, on top of its second consultation document in February.

Advisers who wish to be independent post RDR can use a single platform for the 'majority' of their clients if it is in their best interests, the FSA proposes today.

The FSA today said in its long-awaited consultation paper platforms can continue to receive rebates from fund managers.

Axa Wealth reported new business rose 45% to £1.9bn in the first half of 2010, helped by its Elevate wrap and a hike in the sales of personal pensions and offshore bonds.

Cofunds believes there is still time to influence the FSA and prevent a proposed ban on fund manager rebates and bundled charges as the regulator's response to the discussion paper is set to be delayed until September.

Cofunds chief executive Brett Williams believes proposed changes to platform remuneration is likely to lead to increased costs and heightened adviser confusion.