I wonder if the way the FCA and HMRC have dealt with the platform market offers a template for the way the industry is going to be regulated in the future?
Historically, the industry has been used to long-winded consultation papers that give everyone the opportunity to have their say, but, more realistically, allow those with a big interest to push final policy in a direction that suits them best. The result is more cost to the industry, more regulation and often an outcome that is riddled with unforeseen consequences advisers have to sort out for their clients. This time the HMRC played a blinder. In one fell swoop, it effectively got rid of cash rebates by announcing they will be taxed, and we all started to use ‘super clean’ as the ne...
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