Cofunds "extremely pleased" by rebate ban plans
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Cofunds has reported it is “extremely pleased” by the Financial Services Authority’s (FSA) plans to ban rebates.
In a reaction to the FSA’s consultation paper on platform charging, the firm claimed: “Rebates mask the real cost of the process and the decision to ban them is an essential step towards enabling people to accurately assess the value of the service they’re receiving.”
It also welcomed proposals to extend transparency across the whole market, in move which could see Sipp providers and life companies also affected.
“It’s been asked of advisers and that’s why we’re supportive that it should also apply to platforms and the rest of the value chain,” Cofunds reports. “All in all it’s good news for us and reinforces our position on bundled versus unbundled. We will continue to look for ways in which we can still flex our commercial muscle for the benefit of our customers and their clients.”
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Readers' comments (1)
Funds | 27 Jun 2012 3:03 pm
So Cofunds can continue to act anti competitively. Setting minimum fee levels to be paid by some or new managers and continuing bias to big brands, how does this stack up with ensuring whole of market coverage?
Limiting choice by their pay to play approach.
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