FundsNetwork will not switch off trail commission before 2016

Fidelity FundsNetwork has told advisers it has no plans to switch off trail commission before the 2016 deadline.

The announcement follows Skandia's confirmation that advisers will have until April 2016 to transition client holdings into its unbundled, fee based charging structure. A spokesperson for Fidelity said: "We have no plans to switch off trail commission. However, we have seen a significant number of advisers move to fees already and we expect the majority of assets to have been converted by this date." The Financial Conduct Authority (FCA) has ruled that legacy payments from fund managers to platforms will be banned from April 2016. A number of platform providers have said they inten...