FSA to consult on delaying platform reporting rules
The Financial Services Authority (FSA) will consult on delaying the implementation of new client reporting rules for platforms.
Earlier this month, Money Marketing, Fundweb’s sister publication, revealed the FSA’s investment policy team was recommending to the FSA board that the new rules are delayed until the end of 2013.
The regulator has this week emailed platforms, telling them there will be a chapter in the FSA’s upcoming quarterly consultation paper, to be published on June 6, which will start a four-week consultation period with the industry before recommendations are put to the FSA board in July.
The email, seen by Money Marketing, says: “Instead of approaching the June board directly, we have secured a chapter in the June quarterly consultation paper to consult on the postponement. The consultation period for this issue will be four weeks only, which will allow us to take the postponement to the July board.”
In its August policy statement, the regulator stipulated 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.
The Lang Cat principal Mark Polson says: “I think all the platforms will say that this should be delayed. I am not sure the FSA really needs another consultation to gauge those views.”