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FSA committed to cash rebate ban

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The FSA has delayed a final decision on cash rebates pending more research, but remains committed ultimately to a ban.

Despite 75% of correspondents to the consultation disagreeing with the proposals, the FSA feels that a ban will promote more transparency as payments from product providers to customers via platforms could disguise the cost of advice and potentially cause product bias. 

The FSA has yet to make a final decision, but confirms that any changes will not be made until after RDR. Before consulting on introducing a ban, the FSA said it would need to assess how it would impact both consumers and the business models of existing platforms, and consider how long they would need to adapt. 

Platform providers will be grateful for the extra time to update their systems.

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