Fidelity urges FSA to follow Aussie u-turn on platform rebates

In a u-turn on its original decision set out under the Future of Financial Advice reforms, the Australian Treasury will no longer ban fund manager rebates to platforms, but instead implement a policy of disclosure and transparency. The Australian rules contrast with regulations impacting platforms in the UK where the FSA has stated its intention to ban both fund manager rebates paid to platforms and cash rebates to consumers. Fidelity Worldwide Investment said the FSA's platform pricing policy will result in consumer detriment and has urged the City watchdog to take heed of developmen...