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Platforms face huge initial and annual costs

The platform industry and associated firms face total one-off costs of £55.4m and £48.4m annually to comply with its platform policy statement.

The regulator estimates that platforms will have to meet £40.4m of the costs, while fund firms will pay £2.9m. Other firms classed as intermediate unitholders such as Isa and Sipp providers will pay £12.1m. Ongoing costs across the industry are estimated to be £48.4m annually, with platforms paying £20.4m and intermediate unitholders £28m. Fund firms and advisers are not expected to face ongoing costs.

The FSA says: “We do not believe advisers will incur costs additional to those they will incur to comply with other RDR requirements. The usual due diligence process will apply to advisers whether or not their clients invest through a platform, and therefore we would expect advisers to go through very similar processes when they are using a platform compared with investing directly.”


Schroders hires fixed income manager

Schroders appoints Gareth Isaac as a senior portfolio manager within the London-based fixed income multi-sector team. He joins in October and will work on high-conviction mandates. Isaac was fund manager of the GLG core plus sterling bond fund, the GLG total return bond and GLG gilt funds. Prior to GLG Partners, he worked as a […]


Stephen Gay: A trade association must represent the whole not the part

Aifa’s announcement last week that it will open its membership to restricted advisers was received well by the market. The underlying issues are thorny ones, so inevitably it provoked consderable discussion. Many agreed the decision to broaden our membership criteria was rational and reasonable but some questioned Aifa’s motives and root causes. Is it just […]

Multi-managers target Asia

Multi-managers Architas and OPM Fund Management are looking to Asia for growth on the back of the poor economic outlook for the developed world. Architas runs six multimanager funds, including the £39.1m reserve fund, £86.3m multi-manager cautious income fund, £68.2m multi-manager income fund, £112.8m multi-manager balanced fund, £39.9m multi-manager dynamic fund and £71.7m multi-manager growth […]


Aviva to push Mark Hoban for Omo reforms

Aviva is preparing to ramp-up the pressure on Government to make shopping around for an annuity the default option for savers. In its ‘Rethinking Retirement’ report, published in June, the provider urged policymakers to implement a series of reforms designed to increase the number of people who shop around for an annuity at retirement. However, […]

Tax avoidance (the fight goes on)

In recent times, we have witnessed high-profile celebrities and sports stars make the headlines for potential tax liabilities on ‘failed’ tax avoidance schemes. We are now used to reading about these individuals, but what about those who advise on such schemes? Read more


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