According to the FCA’s latest policy statement on payments to platforms and cash rebates, the industry faces one-off compliance costs of between GBP33 million and GBP67.2 million, and ongoing compliance costs of between GBP8.3 million and GBP14.9 million.
The statement added that one-off costs to platforms of implementing the ban on fund manager rebates and the ban on consumer cash rebates range from between GBP27.6 million and GBP61.8 millio, while ongoing costs are estimated to be between GBP7.2 million and GBP13.8 million.
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The latest cost benefit analysis of the FCA’s platform rules have pushed up one-off costs by GBP16 million and ongoing costs by GBP4 million compared to the FSA’s previous cost estimates in June.
The FCA said that it did not receive further information that contradicted the initial estimates but admitted the earlier estimates missed out two platforms, and so has revised its cost benefit analysis accordingly.
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By GlobalData
