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FSA to allow £1 platform cash rebates

FSA Buildings Towers 480

The FSA is looking to allow cash rebates of up to £1 as part of its RDR platform rules.

In June, the regulator confirmed its intention to ban both cash rebates and payments between fund managers and platforms.

However Money Marketing understands it is ready to allow cash rebates of up to £1 per month to clients from individual funds after discussions with the platform industry.

In its response to the FSA’s June consultation paper, the Tax Incentivised Savings Association called for the FSA to allow de minimis cash rebate payments of up to £10.

The FSA is also set to permit certain payments between fund managers and platforms for things such as fund error corrections and corporate actions, but is understood to have stopped short of permitting any marketing payments.

The FSA’s cash rebate ban was first proposed in November 2010. The latest proposals are set to be included in the regulator’s final platform policy statement due to be published in the coming months.

Platforms will be given a 12-month period from when the paper is published to implement any changes.

The FSA declined to comment.

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