The FSA's proposed fund manager rebate ban has forced Bramdean Asset Management chief executive Nicola Horlick to shelve plans to launch a platform to rival Hargreaves Lansdown.
Horlick (pictured) registered the name Bees and Honey Financial with Companies House in May this year, with a view to launching a direct to consumer execution-only platform. But the Sunday Telegraph has since postponed her plans after the FSA announced it was to ban product provider payments to platforms in its August policy statement.
There is no date set for the proposed ban to come into effect, with the regulator still consulting the industry and consumers, although the FSA has said it will not come into force with the retail distribution review (RDR).
The Sunday Telegraph reported Horlick planned ‘to revolutionise the current fund supermarket sector, with a much higher degree of content which she believed would differentiate her model from existing players such as Bestinvest or Hargreaves Lansdown Vantage.’