View more on these topics

Advisers warned to stick with the systems

The FSA has warned that the majority of advisers should retain the payment menu and initial disclosure document to ensure they are complying with the information requirements of Mifid.

This comes despite a Money Marketing straw poll of over 350 advisers that found two-thirds are unlikely to retain the documents after November 1.

FSA director of retail pol-icy Dan Waters says the documents are the best way of ensuring compliance for the majority and means that procedures will not have to be changed again after the FSA’s final decisions on disclosure are announced.

Mifid requires advisers to act in the best interests of their clients, communicate in a fair, clear and not misleading way and disclose the basis of their services and commission, including commission equivalence.

Waters confirms that the European Commission has accepted its applications to retain the key facts document, suitability letter and the IFA/multi-tie branding, with details to be announced in July.

The FSA will make a decision on a replacement for the menu and IDD after concluding its post-depolarisation research, due in late autumn.

Waters says: “My words of caution would be advisers will have to show they are working in the best interests of their clients and the simplest thing to do is to keep the current menu and IDD systems in place to ensure they are abiding by the rules.”

Recommended

Enhanced performance

The expertise required to advise on equity release is magnified when dealing with clients who may qualify for enhanced deals, says Gregor Watt.

Red tape to stay for protected rights

The different treatment of protected rights and pensions built up from other savings is set to remain in a new amendment that has been inserted into the Pensions Bill 2007.The bill is currently in the committee stage in the House of Lords and the details of the latest amendments to the bill appeared on the […]

Neptune launches Japan Institutional Fund

By Chris Taylor, Investment Director, Head of Research Neptune is excited to announce the launch of the Japan Institutional Fund on 22 June, having disclosed to the market in March its intention to offer the product. The Fund will be managed by the highly-regarded Chris Taylor, Head of Research and manager of the long-running Japan Opportunities Fund. It will invest in the same underlying stocks as the Japan […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com