The revamped regulator the Financial Conduct Authority released its much-anticipated platform paper last week. Here are the key points for each party involved:
Pressure will mount as income will not be available from legacy book after April 6 2016.
Likely loss of trail; increased due diligence as pressure falls on advisers to check platforms are obeying rules
FCA has urged groups to reflect pre-RDR rebate deals in new clean-fee share class prices
The wraps have always given rebates from fund providers back to clients so won’t have a legacy book to deal with