As is typical in the FSA’s procedures, proposed rules must first be discussed at the FSA board level to ensure there is no wider impact on other existing regulations.
Yesterday the FSA board met and it was decided that the platform paper does indeed have some knock-on implications into other areas. Rather than deliver the paper, and subsequently affect rule changes elsewhere, in piecemeal fashion, the FSA is taking the opportunity to make sure everything is aligned.
Among the issues tackled in the much anticipated paper is commission rebates and other areas in which RDR will be extended into platform operations. However, one key area groups have been clamouring for – the definition and clarification as to what constitutes legacy business – is understood to not be included in Monday’s paper.
While legacy business will be covered to some degree in the paper, much of the discussion on this area is being dealt with separately.
