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FSA delays platform paper publication to 2013

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FSA delays platform paper publication to 2013

The Financial Services Authority (FSA) has extended its deadline for platforms to implement the changes it will implement in its forthcoming platform policy paper.

The regulator has said it expects to publish its final rules in a policy statement in 2013, a delay from the end of 2012 deadline it previously set itself.

An FSA spokeswoman said: 'It now looks likely we will be publishing the policy statement in 2013. Considering that the timetable has changed since we consulted, we would want to give platforms a full year in which to implement the changes because we do appreciate this is quite a big change for their business models.'

Previously the FSA said that the consultation responses deadline was the end of September and it was currently working on tax implications of the proposed changes.

An FSA spokeswoman said last week: 'Responses raised a variety of questions including the tax treatment of rebates and payments to platforms. We are taking the points raised into account and we understand that HM Revenues and Customs is working on clarifying the tax position. We intend to publish the policy statement in due course.'

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