The FCA platform paper 13/1 announced cash rebates will be banned and says platform services must now be paid via a platform charge which is disclosed to and agreed by the investor.
Gavin Jones CFP^CM from Old Mill Financial Planning praised the level of transparency and said he thought adviser remuneration would be the next target for the FCA.
He said: "They're quite clear about wanting to see rebates from platforms to advisers and fund groups to be transparent and that's completely right.
"The devil is in the detail and the paper makes reference to vertical integration where firms that used to offer 'free' platforms now have to explicitly offer 'discounted' platforms.
"I think adviser remuneration could be on the FCA's radar next, they don't want to see too many layers in the process."
Pete Matthew CFP^CM of Jacksons Financial Services said: "The paper is as expected really and that's a good thing, it's a step towards total clarity which needs to happen."
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However, he said he was disappointed that unit rebates of less than £1 per fund per client would still be allowed.
"The FCA say it will be too costly to get rid of them for such a small amount but if you're going to ban rebates than you should ban them altogether," he said.
Ian Thomas CFP^CM, Financial Planner at Pilot Financial Planning, said the ruling would create a level playing field.
"I think it's great news, it creates a level playing field for both advisers and non-advisers and that's a positive thing. The inclusion of the 'sunset clause' is good as this will force all advisers and non-advisers into the harsh light of transparency a bit sooner.
"I think it will be really good for Financial Planners who will thrive and it will mean it is even more important to have an advice proposition."
Both Mr Jones and Mr Thomas said the ruling by HMRC over making rebates taxable earlier this month had played a part in firms' move to clean share classes.
Mr Jones said: "It's interesting that the FSA tried to change behaviour through a series of papers and HMRC have changed behaviour by making a simple move to make rebates taxable."
Mr Thomas said: "The combination of the HMRC ruling and the platform paper will mean the move to transparency will happen quicker than we thought."

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