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‘FSA is failing on platform pricing’

Novia has criticised the FSA for failing to highlight the need for more platforms to unbundle their pricing for advisers and their clients in its retail distribution review consultation paper.

Chief executive officer Bill Vasilieff says while Novia supports the RDR’s stance on independence and fees but he claims that the regulator has not picked up on the lack of transparency in client charges in the platform arena.

He says: “There are still too many examples of undisclosed rebates from fund managers to advisers that could be viewed as influencing platform choice for their clients, for example, the illusion that platforms are free to the client.

“We know that the FSA has promised a thematic review of platforms and we will be making our tho- ughts known.”

Transact head of marketing Malcolm Murray points out that the paper refers constantly to transparency so the lack of reference to unbundling is not a concern.

He says: “The new independent post-RDR adviser is going to put a lot of pressure on those playing the obfuscation game. Sooner or later, the life companies, who are the real culprits, will find that the old games are no longer acceptable.”

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