Wraps slate 'pointless' FSA consumer rebate research

Wrap platforms Ascentric and Transact have criticised the FSA after it requested the wraps provide it with details of hundreds of their customers in order to gauge their views on platform rebates.

In August's platform policy statement (PS 11/9), the regulator said its research into a ban on fund manager and cash rebates would include an examination of how platforms interact with consumers. As part of this research, the watchdog asked Transact to provide it with a list of 150 end investors drawn at random from its client base. It said it would quiz them on issues including rebates. But head of marketing Malcolm Murray (pictured) said the move was a waste of money. "Most clients will be very puzzled to be asked what their views are on cash rebates," he said. "If you ask the ma...