PS13/1 Payments to platform service providers and cash rebates from providers to consumers

Published: 26/04/2013     Last Modified: 30/08/2015
We are setting out our rules for platform services and responding to the feedback to our consultation.

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

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:

 

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