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ABI sets May deadline for industry responses to report

The ABI is calling for responses to its report by May 31, the week before fee menus bec-ome mandatory across the financial services sector.

If there is a big response to the consultation, the ABI is planning to a series of workshops with key stakeholder groups over the summer.

It expects to set the results before the Financial Services Forum, which is being established by Treasury select committee chairman John McFall, MP, to troubleshoot issues in the sector. The ABI expects issues raised at the forum to lead to further research.

It is planning to conduct further research on individual issues raised by the research, including further mystery shopping, and will make a final report by the end of the year.

Cicero Consulting director Iain Anderson says: “I think that a swifter industry response is required rather than waiting three months or so. Providers and advisers presenting a swift and united front to the ABI would be better coming sooner rather than later.”

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