Nearly half of advisers already scrutinising
Almost two-thirds of advisers will carry out further platform due diligence following the FCA’s platform paper, and of those 44% have already started to do so.
Almost two-thirds of advisers will carry out further platform due diligence following the FCA’s platform paper, and of those 44% have already started to do so.
The latest comment on the investment industry's consolidation has been targeted at platforms, with Deloitte suggesting a drastic reduction in the number of providers by 2018.
The majority of advisers believe at least 50% of all new platform business will be directed into clean share classes over the next 12 months.
Raymond James has announced an additional bundled pricing model for its administration platform, which it believes enables wealth managers to segment their client base and manage portfolios for various clients through one platform.
The largest platforms have lost 20% of their market share over the past three years with the top five now accounting for 70% of total platform business, compared to 90% in 2010.
Ian Sayers, director general of the AIC, has welcomed the FCA's long-awaited rules outlining how platforms can be paid going forward.
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.