Why are we issuing this Policy Statement (PS)?
In FSA Consultation Paper 12/12, Payments to platform service providers and cash rebates from providers to consumers, we consulted on changes to how platforms used by both advised and non-advised consumers would be paid. We also proposed preventing platforms in the non-advised market from passing on rebates to consumers in cash and sought views on a possible read-across of platform rules on payments for services to non-platforms markets.
Who is this aimed at?
This paper will interest:
- platform service providers;
- advisory firms;
- firms that provide services to, or receive services from platforms;
- firms that operate nominee companies that hold assets on behalf of investors;
- SIPP operators;
- life companies; and
- managers of collective investment schemes.
Policy Statement
- PS13/1 Payments to platform service providers and cash rebates from providers to consumers[2]
- Addendum[3]
What are the next steps?
The rules will come into effect on 6 April 2014. The rules on legacy payments will come into force two years from this date, so 6 April 2016 – by that time, firms will need to move all customers with legacy assets to the new charging structure, with an explicit charging model.
Want to find out more?
For more information:
- look at the FCA Handbook[4].