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Aifa slams defined payment system

Aifa is calling for a fundamental rethink of the FSA&#39s defined payment system proposals set out in CP121.

The body has branded the defined payment system as impractical, bureaucratic and likely to lead to a significant reduction in the number of IFAs.

Aifa is proposing a “menu” option where IFAs would inform clients up front about product options and the cost of remuneration to reassure consumers there is no bias.

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