Ascentric's Thorman: Sparring platforms must unite

Ascentric chief Hugo Thorman has called on the platform community to adopt a “unified voice” amid an escalating row between fund supermarket and wrap propositions.

Already in 2012, wraps have warned their supermarket rivals they face a huge test transitioning to an unbundled charging model.

Meanwhile, supermarkets have hit back with claims the wrap community also has a number of challenges to overcome.

But Ascentric managing director Hugo Thorman (pictured) said the platform community would be better positioned to influence regulatory policy if its members spoke with a collective voice.

"I would love to have a unified voice for all platforms - because there is more opportunity to influence positively the regulator in the interests of not just the platform industry but the client," he said.

"That would be the goal - at the moment it only takes one dissenting voice to undermine a message."

At the end of last year, Cofunds, Fundsnetwork and Skandia unveiled plans to launch unbundled charging structures ahead of a likely ban on fund manager rebates, as outlined in the FSA's August policy paper.

Whilst supermarkets have previously lobbied hard against a ban on the rebates -  arguing they allow them to negotiate competitive prices for consumers - wraps have supported the ban in the name of transparency.

However, when the FSA originally proposed banning cash rebates in November 2010, all platforms, with the exception of Skandia, voiced their opposition to the plan.