Skandia is sticking to its plan to maintain rebates on as many funds as possible following the roll-out of its new unbundled share class, arguing the majority of investors will be disadvantaged should they be abolished altogether.
Stephen Mohan, managing director of operational services at Cofunds, has agreed to join Allfunds Bank in October.
Cofunds has announced plans to offer 3,000 clean fee share classes by July, up from 2,700 now, while Fidelity FundsNetwork's aim by June is only a third of that level at 1,000, Portfolio Adviser can reveal.
Just before the end of the 2012/2013 tax year, Her Majesty’s Revenue and Customs confirmed it is to subject any rebates received by investors to income tax. From that point on, the FCA platform paper finally published last Friday (26 April) was an easier one to put together as HMRC trumps FCA in more than…
The initial reaction has been overwhelmingly positive to the Financial Conduct Authority’s long-awaited platform paper was published this morning which has banned cash rebates greater than £1 for both advised and non-advised platform business.
The number of platform providers is expected to shrink by two-thirds once the terms of the FCA's platform paper are revealed at the end of this month or early next.
Legal and General (L&G) has acquired the remaining 75% share of Cofunds in a deal worth £131m.
Less than a quarter of assets in the UK is accounted for by the top three fund managers by size, a figure significantly below those seen elsewhere in Europe according to a study conducted by The Platforum.
Business is booming for online wrap platforms as advisers re-engage with clients following the implementation of RDR, reports suggest.
One third of advisers are planning to increase the number of client portfolios held on platforms as a result of RDR, research conducted by Investec Wealth & Investment (IW&I) found.
The majority of investment professionals believe fund closures and consolidation across Europe will continue, according to research carried out by Cerulli Associates and The Platforum.
Standard Life has appointed firm stalwart David Tiller as its first head of platform propositions.
