fidelity fundsnetwork

Fidelity FundsNetwork has warned the true cost of implementing the 2016 legacy rebate ban could be far higher than the regulator's predictions because of rules on contacting ‘dormant' clients.

Fidelity FundsNetwork has confirmed it is reviewing its charging structure for investors in its Navigator range who buy the funds via its own platform.

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

Fidelity FundsNetwork is to bring forward all rebate payments accrued in the current tax year to before 6 April, in a bid to avoid income tax levied by HM Revenue & Customs (HMRC).

Leading platform Fidelity FundsNetwork expects HMRC to rule imminently that rebates paid to consumers are taxable.

The Financial Services Authority is planning to ban rebates on legacy business which are paid by fund groups to platforms from 2016, in a move which will shake up the platform industry and force providers to charge groups for additional services.

Fidelity FundsNetwork has expressed surprise over fund managers opting to raise prices in newly-launched clean share classes.

Fidelity FundsNetwork has joined the growing number of platforms looking to benefit from an exodus of Skandia sales staff.

Global insurer Zurich has named David White as head of retail, UK life, with effect from 21 January.

Fidelity Worldwide Investment has launched a low-cost US tracker fund as it moves to mimic the success of its UK tracker fund among direct investors.