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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.”


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