The Financial Conduct Authority (FCA) is to consult on reading across its rules on platforms to adjacent markets, such as the self-invested personal pension (SIPP) market.
The regulator today confirmed it is banning rebates from product providers to platforms and most cash rebates to consumers on both advised and non-advised propositions, though it is permitting a 'de minimus' cash rebate of £1 or less per month. The rules are set to come in from 6 April 2014, though platforms must ensure they set out an explicit platform charge to customers on both new and existing (legacy) business from 6 April 2016. "We feel there is a strong argument for the application of similar rules to adjacent markets. This is particularly the case in the execution-only and sel...
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