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Wraps attack UK Platform Group disclosure document
by Nicholas Paler on Nov 30, 2010 at 08:00
Wrap platforms have attacked a standardised disclosure document being drawn up by the UK Platform Group and questioned its mandate to put forward proposals to the Financial Services Authority (FSA).
The group – made up of Skandia Investment Solutions, Fidelity FundsNetwork, Cofunds, Hargreaves Lansdown and Standard Life - is working on a document in order to meet new disclosure proposals from the FSA.
David Ferguson (pictured), chief executive of Nucleus, said: ‘I would hope and expect the FSA to reject it out of hand. The UK Platform Group has no mandate to comment on transparency.’
Novia chief executive Bill Vasilieff called on the UK Platform Group to involve wrap platforms. ‘If they do widen the group, they should do it now before the proposal goes forward,’ he said.
Ed Dymott, head of UK fund partners at FundsNetwork, said the UK Platform Group would welcome input from other platforms.
‘We are aiming for an industry-wide solution and although it is a small group that started this work we want to produce a document that all platforms can use, and we would welcome any other platforms to participate,’ he said.
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4 comments so far. Why not have your say?
John Burchett
Dec 01, 2010 at 10:05
Good to see something proactive for a change. The FSA need guidance as they have no initiative themselves.
report thisTrevor Durham
Dec 01, 2010 at 11:14
Why does it always seem to come down to wraps vs platforms warfare? Surely much better if they could get round the table and work together to present a united front? I'm looking at you, FNW Skandia and Cofunds, not to abuse your dominant market position and to embrace your fellow providers.
report thisDavid McCabe
Dec 01, 2010 at 12:16
I'm assuming that the members of the Platform Group are scared witless that the amount of "rebate" they take from the fund managers will become public knowledge.
I cannot understand how banning cash rebates fits with RDR or transparency, nor can I see how the FSA came to the conclusion that cash rebates can look like free advice. Completely twisted point of view - mind you, just typical of bureaucrats in this country. No idea about what goes on in the real world.
report thisCirrusPilot
Dec 01, 2010 at 16:41
WRAP providers, stop winging and sort the FSA out lobby them and get your alternative point of view across before the Likes of Fidelity and H/L push the FSA again as they have done on client rebates to cash.
Start standing up for yourselves, clients and the advisers who have to educate clients constantly on what is going on.
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