FCA bans cash rebates on all platforms from April 2014

The Financial Conduct Authority (FCA) is to ban cash rebates paid to consumers from platforms from April next year.

The Financial Conduct Authority (FCA) - successor to the Financial Services Authority (FSA) - confirmed today that, as expected, cash rebates will be officially prohibited. It said in a statement: "The FCA is making changes to ensure that investors can make fully informed choices if they wish to use a platform and understand what they are paying for the service the platform provides. These changes include: · making the cost of the platform service clear to investors by ensuring that the platform service is paid for by a platform charge which is disclosed to and agreed by the investor ...