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Axa calls for two-year delay to cash rebate ban

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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.”

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