REBATES

Skandia has expressed frustration at rival platforms failing to allow electronic re-registration of assets, despite being required to do so under the Retail Distribution Review (RDR).

Standard Life is to press fund managers to launch cheaper share classes for large platforms, after HM Revenue & Customs (HMRC) said it would apply income tax to unit and cash rebates.

Legal & General has acquired the remaining 75% of Cofunds it does not currently own, in a deal worth £131m.

Alliance Trust Savings (ATS) is to convert its legacy business to clean share classes, after HM Revenue & Customs (HMRC) announced it will tax unit and cash rebates.

FIVE THINGS

Platforms have predicted the swift death of the rebate model following confirmation that HM Revenue & Customs (HMRC) will apply income tax to both unit and cash rebates.

Adviser support group Tenet is extending its offer of permanent run-off cover to the wider market.

Axa Wealth has added the eleven-strong fund range from Carmignac Gestion to its Elevate platform.

Aviva is to combine its wrap platform and legacy business into one online system, in a bid to accelerate wrap growth and streamline the service provided to advisers.