FCA platform paper deals fatal blow to adviser trail

Platform clampdown:

The revamped regulator the Financial Conduct Authority released its much-anticipated platform paper last week. Here are the key points for each party involved:

-Fund supermarkets:

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

-Fund groups:

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