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Broker Talkback

Is the FSA right to scrap the payment menu and initial disclosure document?

Yes 75%

No 25%

Yes

“I welcome it but the concern is what the FSA will replace it with. The menu and IDD have not achieved what they set out to do but I cannot believe the FSA has just discarded them completely. There needs to be something that distinguishes IFAs that isn’t too onerous.”

Colin Last, Tamar IFA

Yes

“The menu is potentially confusing for clients but I don’t believe it should be scrapped but rather made easier for clients to understand. It is a good idea to have a menu because clients need to be able to compare advisers like for like.”

Graham Bond, Consilium Asset Management

Yes

“I think it is a really good idea, but the way it is written is misleading and confusing for clients and there are better ways to handle it.”

Fiona Sharp, M2Finance4Women

No

“I am astounded they made this decision. The documents are working well and it will be a worry what they will replace them with.”

Robin Hill, RE Hill Associates

Yes

“I think the current system is confusing. As long as you treat your clients fairly, it should not matter if the menu is used or not.”

Cyril Barnett, Barnett Financial Consultants

No

“It makes no difference what we think. The FSA just does what it likes anyway.”

Stan Crookston, Thinc Group

Yes

“I think it sounds like a good idea. It is one of the many pieces of paper you end up going over with the client, they just gloss over it and it gets filed away somewhere without taking too much notice. As long as you put it in writing at the end what the advice will cost, that is the main thing.”

Ian Platts, Campbell Harrison IFA

Yes

“It has been counter-productive ever since it started.”

Barry Tompson, Wood Tompson

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