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FSA team wants platform delay

The FSA’s investment policy team is recommending the FSA board delays the implementation of client reporting requirements for platforms until the end of 2013.

In its August policy statement, the regulator stipulated that from January 1, 2013, platforms will be required to provide advised and non-advised investors with the information and notifications they receive from fund managers and depositories about any changes to their investments.

Under the rules, the information can be sent electronically but where that is not possible, it must be sent by post. Clients will not be allowed to opt out.

But the regulator’s policy team will recommend at the FSA’s June board meeting that the implementation is delayed for 12 months after receiving substantial queries from the industry.
In April, Money Marketing revealed that Cofunds, Ascentric, Transact and 7IM had raised concerns over the proposals.

An FSA spokeswoman says: “We can confirm the policy team is making the recommendation to the board. We are looking at this issue and we will announce the results in due course.”

Seven Investment Management marketing director Justin Urquhart Stewart says: “It seems like the implementation of platform rules is going to come as a second wave of the RDR.

“By delaying things like this, the regulator is making it more and more difficult to run an effective platform.”

Pilot Financial Planning director Ian Thomas says: “This is a good move as it will give platforms a bit more breathing space. Obviously, clients should be able to receive this information if they want it but to place the burden fully on platforms to carry it out seems a bit unfair.”

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  1. Pointless, pointless, pointless!!!

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