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FSA avoids setting deadline on research into rebate ban

The FSA says it has not set a date to complete its research into the proposed ban on rebates between platforms and clients and provider payments to platforms.

In August, it published its platform policy statement, saying it would be “desirable” to ban both cash rebates from product providers to investors and product provider payments to platforms. But it said it wanted to conduct further research into the implications of the rules before they were finalised.

At the Capita Financial Software conference, FSA conduct and risk division supervisor Rory Percival said the regulator wants to take its time to make sure it comes to the correct conclusion.

He said: “We are consciously not intending to set a date at this stage because we want to do the appropriate level of work and as a result we do not want to commit to a timetable. When we bring out the rules, we will give a sufficiently long length of time for the industry to make changes.”

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