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Axa calls for two-year delay to cash rebate ban


Axa Wealth has called for a two-year delay to the platform cash rebate ban.

The firm says the ban favours businesses with an “old world” model because it punishes firms passing cash rebates back to clients.

The Financial Conduct Authority’s cash rebate ban comes into force in April 2014 while all legacy payments between fund managers and platforms are banned from April 2016.

Axa says there is an unlevel playing field as some platforms can continue to keep fund manager payments for two years after the cash rebate ban comes in.

Axa Wealth chief executive Mike Kellard says: “We would like to see a two year sunset clause on the cash rebate ban so it comes in at the same time as the wider ban on legacy arrangements.

”If not, the transition may create an uneven playing field across the industry, disadvantage a significant number of advisers and their clients and place undue pressure on the platform industry.”


NAPF appoints Tesco’s Ruston Smith as chairman

The National Association of Pension Funds has appointed Tesco group pensions and insurable risk director Ruston Smith as chairman. Smith will replace Mark Hyde Harrison in the role when his two-year tenure comes to an end at the NAPF annual general meeting on 18 October. Smith has held a non-executive role at the NAPF since […]

New Euro investment disclosure rules ‘face years of delay’

Economic and monetary affairs committee chair and Liberal Democrat MEP Sharon Bowles says European investment disclosure rules could be delayed by years due to EU deadlock. Debate is focused on the scope of the Prips key information document, which will have to be supplied by providers for all packaged retail investment products, with calls for […]


Advisers: Hannant’s promotion could mark new era at Apfa

Advisers say Chris Hannant’s appointment as Apfa director general brings a more grounded style of leadership to the trade body, but some warn he will struggle to unite a fragmented adviser community. Last week, Apfa announced Hannant will take up the role of director general with immediate effect. He joined the trade body in January […]

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


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