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The FSA has warned advisers about “conflicts of interest” arising from holding shares in platforms.
City Asset Management (CAM) has launched its unitised discretionary portfolio offering on the Skandia platform.
Transact has told advisers it is not looking to expand into the direct to consumer (D2C) or workplace savings markets and will instead focus solely on the IFA space.
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Wrap Transact suffered a £3m drop in profits last year after it was hit by an FSA fine for client money breaches.
Another year draws to a close and, amid the hideous market turmoil and the ongoing lack of regulatory clarity, the platform sector seems set to post some impressive numbers.
Five things the nationals have highlighted over the weekend that your clients will call you about this week.
The FSA has fined Integrated Financial Arrangements plc, which offers the Transact platform, £3.5m for failings in relation to its protection of client money over an eight-and-a-half year period.
Transact has been added to Suffolk Life’s self-invested wrapper SmartSIPP.
Lawyers hired by the FSCS to pursue claims against IFAs who recommended Keydata have sent out letters with the name and addresses of every firm it is chasing, including details of principals of appointed representative firms.
Wrap platforms have defended Hargreaves Lansdown’s plans to charge a flat fee of up to £2 per month for tracker funds, saying the move is one of commercial necessity.
Investment management firm Heartwood has inked deals with a host of platforms as it looks to gain traction in the IFA market with a new investment proposition.
Wrap platforms Ascentric and Transact have criticised the FSA after it requested the wraps provide it with details of hundreds of their customers in order to gauge their views on platform rebates.
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