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FSA re-jigs platform policy team

FSA senior associate for investment policy Steve Tully, who has led the way in shaping the regulator’s platform policy, has moved to a different role within the FSA.

Tully acted as policy lead in the FSA’s response to the platform market, helping to develop the platforms discussion paper in March and the recent platforms consultation paper in November.

Money Marketing understands Tully has now moved internally out of the platforms division, and has been replaced by Dermot Whelan.

The recent platforms consultation paper saw the regulator climb down from its original call to ban rebates between fund managers and providers, instead opting for “improved disclosure” of the payments.

The FSA instead proposed the banning of cash rebates to investors’ cash accounts, a proposal missing from the initial discussion paper in March.

An FSA spokesman says: “Our work on platforms is carried out by a number of people at the FSA and this work continues.”


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  1. Steve Tully has done a great job in the Platform review, whilst obviously part of a wider team, the regulators documentation in this area has been delivered in a style which gives clarity to advisers and has demonstrated what is seen as good and bad practice. Hopefully this will continue under the new leadership and perhaps Steve’s positive influence will be embraced in his new area of work.

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