On 1 August 2011 the FSA published policy statement 11/09 on delivering the RDR and other issues for platforms. The policy statement sets out much of what the FSA consulted on in November 2010, including:
- The introduction of a definition for a “platform service”;
- Amendments to the COBS rules meaning firms must be satisfied that the client has agreed to pay the adviser charge and how this should be carried out; and
- A requirement on platform firms to present their products in an unbiased manner.
The FSA would also like to ban cash rebates from platforms to consumers as well as payments to platforms from product providers. It is carrying out further research into these issues and will report shortly. Any rule changes will not come into force before 31 December 2012.