Come ho già avuto modo di scrivere da altre parti sul fol, molti scrivono in merito alla RDR inglese senza sapere bene cosa scrivono, in UK a me non risulta che siano stati eliminati i rebates, nè tantomeno che siano spariti i fondi con commissioni più alte.
Ma dato che lavori in Italia conoscerai alla perfezione le normative italiane che riguardano la promozione e la consulenza finanziaria, ma non è detto che ti risulti tutto sulla normativa britannica.
Comunque avevo anche letto un artcolo su supporto cartaceo in italiano che diceva che in UK una parte di coloro che erano abituati a guadagnare con commissioni che gravavano sui prodotti finanziari, dopo l' entrata in vigore di RDR , non riuscendo a farsi pagare abbastanza parcelle dai loro clienti che prima non le pagavano, hanno cambiato lavoro , sono usciti dal mondo delle professioni finanziarie.
Ci sono stati meno problemi per chi aveva soprattutto clienti con un patrimonio ingente, dato che su somme elevate anche una percentuale contenuta addebitata come parcella forniva guadagni apprezzabili.
Comunque l' introduzione di RDR in UK pare andasse nella direzione di far scendere mediamente le commissioni gravanti sui fondi sottoscritti dai risparmiatori e su qualche piattaforma UK sono arrivati i prodotti finanziari Vanguard che hanno commissioni molto basse rispetto alla media degli OICR acquistati in Italia.
Con l' introduzione di limitazioni per i rebates ci sarebbero meno risparmiatori che abbiano a che fare con un interlocutore incentivato a rifilargli fondi in classi retail con commissioni maggiorate, se l' advisor guadagna incassando parcelle.
RDR Fuels Demand for Low-Cost Funds | Morningstar
Per le piattaforme sono state introdotti divieti di addebiti di commissioni e di rebates, sostituiti da addebiti espliciti per i servizi forniti dalle piattaforme.
Ci sono eccezioni almeno fino all' aprile 2016.
From 6 April 2014 platform services must only be paid for by an explicit charge agreed with the consumer, with some limited exceptions under rules introduced by regulator the Financial Conduct Authority (FCA). This guide explains how those rules work.
In 2012 the rules governing payments to financial advisers changed when parts of the Retail Distribution Review (RDR) came into force. A consumer choosing a product acting on adviser advice could no longer trigger a commission: payment had to be explicit and direct from client to adviser, as outlined in Out-Law's guide to adviser charging.
The new FCA rules will have a similar effect on the platforms that advisers and consumers use to arrange financial services purchases.
Commissions and rebates are banned
Under the rules platform services must be remunerated solely by an explicit platform charge agreed with the consumer and cash rebates from product providers to customers will be prohibited.
The FCA said that it is introducing the changes to improve remuneration transparency and to help consumers compare platform services and decide which offers the best value.
The FCA policy statement on the changes said that they were designed to protect consumers and increase competition in the platforms market. The rules complement the FCA's wider RDR aims of restricting product providers' ability to influence distribution and matching the interests of intermediaries with those of its clients.
Platform charges
Subject to limited exceptions, platform service providers must only be remunerated for the platform service by 'platform charges', which must be paid by clients only. Payments received by platform providers in performance of their business from alternative sources in the distribution chain will not be considered to be "platform charges".
According to the Policy Statement a platform charge is "any form of charge payable by or on behalf of a retail client to a firm in relation to the provision of a platform service and which is agreed between the platform service provider and the retail client".
The guidance lists the following examples of remuneration that should not be accepted by platform service providers:
a share of the annual management charge (the sums typically payable to the product providers)
any payment, other than product charges or platform charges, in its capacity as a retail investment product provider, for the provision of retail investment products to retail clients via its platform service.
The new rules reflect the FCA's objective of setting clear pricing for platform services, and products if the platform provider is also the product provider, and agreeing these with the customer up front.
Exceptions
Platforms will be entitled to continue to receive payments from product providers for legacy business until 6 April 2016.
Following industry feedback the FCA has identified specific circumstances in which the platform service provider may accept payments from investment product providers. Such payments are to be permitted in the case of 'legitimate expenses' being incurred by the platform service provider. Such legitimate expenses are limited by the new rules to payments for:
pricing error corrections;
administering corporate actions;
research and reporting management information; and
advertising
...
Platforms and remuneration