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Novia criticises FSA’s failure to promote unbundled pricing in RDR

Wrap provider Novia has criticised the FSA for failing to highlight the need for more platforms to unbundle their prices for advisers and their clients in its RDR consultation paper.

Chief executive officer Bill Vasilieff says while Novia supports the RDR’s stance on independence and fees, he says the FSA 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 the FSA has promised a thematic review of platforms and we will be making our thoughts known.”

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