Standard Life's offices
Standard Life claims to have become the first fully unbundled major adviser platform for both existing and new business to be ready to meet an FCA 2016 deadline early.
The company, an IFP corporate member, announced the completion of a year-long programme of work to comply with the FCA's PS13/1 rules ahead of time.
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This week all new platform business must be in clean, cash rebate-free funds with platform charges clearly disclosed. From 6 April 2016, all legacy business on platform will have to meet these rules too.
David Tiller, Standard Life's head of adviser platforms, said: "We believe Standard Life Wrap is the first major advised platform to be 2016-ready now.
"We wanted to make the changes required by the regulator as soon as we could, rather than waiting until the last minute.
"By doing all the hard work now – and bulk converting clients into clean funds - we have taken the burden off advisers so they can get on with running successful, sustainable and profitable advice businesses.
"Now we have implemented the regulatory requirements we can focus on the future and continuing to develop wrap into a platform that drives the greatest efficiencies in adviser businesses."
