PS13/1 Payments to platform service providers and cash rebates from providers to consumers

Why are we issuing this Policy Statement (PS)?

In FSA Consultation Paper 12/12, Payments to platform service providers and cash rebates from providers to consumers, we consulted on changes to how platforms used by both advised and non-advised consumers would be paid. We also proposed preventing platforms in the non-advised market from passing on rebates to consumers in cash and sought views on a possible read-across of platform rules on payments for services to non-platforms markets.

Who is this aimed at?

This paper will interest:

• platform service providers;
• advisory firms;
• firms that provide services to, or receive services from platforms;
• firms that operate nominee companies that hold assets on behalf of investors;
• SIPP operators;
• life companies; and
• managers of collective investment schemes.

Policy Statement

• PS13/1 Payments to platform service providers and cash rebates from providers to consumers[1]
• Addendum[2]

What are the next steps?

The rules will come into effect on 6 April 2014. The rules on legacy payments will come into force two years from this date, so 6 April 2016 – by that time, firms will need to move all customers with legacy assets to the new charging structure, with an explicit charging model.

Want to find out more?

For more information:

• look at the FCA Handbook[3].