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Transact: RDR will stop preferential fund manager deals

Ian Taylor Transact 440

Transact says the RDR will prevent platforms from negotiating deals with fund managers based on their influence over investments.

Speaking at The Platforum Annual Conference in London today, Transact managing director Ian Taylor said the leverage some platforms have with fund managers will be broken by incoming rules.

Taylor says: “I can never say to a fund manager that if they give me better terms I will be able to get them more money. That is because I do not control it, advisers and their clients do. The leverage some platforms have comes from scale and influence.

“That is going to become clearer and clearer after the RDR, which will break the ability of people to influence others using money and that influence will disappear pretty quickly.”

Also speaking at the event, Skandia chief executive Peter Mann said the firm will continue to try and get preferential deals from fund managers because of its scale and leverage.

Mann says: “We are introducing to more funds than anyone else. If we can use that to drive better consumer outcomes then we will.

“Whether we can do it or not will depend on the fund managers but we will give it a damned good go.”

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