The Financial Conduct Authority (FCA) today paved the way for platforms such as Hargreaves Lansdown and Standard Life to launch super clean share classes, after stating it would want to see existing deals re-created on clean fee share classes.
The FCA said in its policy statement on platforms that, if the price of funds sold via bundled share classes was not re-created on clean fee share classes, it would be concerned. It said: "Some platforms have suggested that the level of rebate they have been able to negotiate from fund managers previously is not reflected in the clean share price now on offer to them. "We have already expressed concerns with regard to pricing and competition in the asset management industry. "If a platform was able to negotiate, for example, a rebate of 90bps from a fund manager for a 150bps fund, ...
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