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FSA platform paper delayed until next week

The FSA has delayed its platform policy statement until next week.

The paper, which was due to be published today, is now expected on Monday and will clarify the rules around cash rebates between platforms and advisers.

An FSA spokeswoman says the delay is due to changes to the FSA’s handbook that will be need to made following the release of the platform paper, which will then impact on other rules.

She says: “There are a large amount of handbook changes that came out of the board yesterday that have a knock on effect on other existing rules. We want to make sure we publish them all at once, not piecemeal, to ensure firms get all the information they need in one go.”

The regulator originally set out the proposal to ban cash rebates from January 1, 2013 in its consultation paper cp 10/29 which it published in November last year.

It had originally planned to ban rebates between fund managers and platforms.The paper has previously been delayed from the second quarter of this year.

Money Marketing revealed in February that all major platform providers apart from Skandia and Cofunds had submitted a joint response urging the FSA to change its mind on the cash rebates issue.

Earlier this month, the tax incentivised savings association and platforms called for any cash rebates ban to be delayed by 18 months.

The industry has expressed concern that a cash rebates ban would make compulsory re-registration harder to achieve.

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