Axa backs calls for a charges disclosure document
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Axa Wealth has backed calls by members of the UK Platform Group for the FSA to produce a common disclosure document for platform charges.
Cofunds, Fidelity FundsNetwork and Skandia have all publicly called for a document that breaks down the total customer cost into individual charges.
The disclosure document is seen as an alternative to the FSA’s proposal to ban payments bet-ween fund houses and platforms. Speaking at The Platforum conference in London last week, Axa Wealth, which runs the Elevate wrap, lent its support for a disclosure document.
Head of online services Ian Thomas said: “Disclosure within the platform market is an area that seems to have gone backwards rather than forwards over the last 10 years. I personally would welcome a slightly more regulated market than we have currently. I am supportive of this initiative for a consistent platform-level summary document that the UK Platform Group has put forward.”
Thomas argued that although platform providers agree on the need for increased transparency, the proposal to ban rebates is not the best way to achieve this.
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Readers' comments (1)
David Ferguson | 22 Oct 2010 11:22 am
Goodness me - is this the fund supermarkets finally conceding that they should tell us how much they charge. I wonder if they'll include shelf space fees, fund managers paying for roadshows, etc?
Surely this couldn't be a (cynical) ploy to pre-empt an FSA disclosure initiative in the forthcoming platform paper? Why wait for a common document, just tell us now!
You gotta love the UK Platform Group - you can join if you are (a) in the UK, (b) a platform and, er, (c) who knows?
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