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FSA extends deadlines for responses to CP121

The FSA is extending the deadline for responses to CP121, giving IFAs more time to send in their views on the proposals which could fundamentally change the market.

Following a letter from Aifa chairman Lord Hunt to FSA chairman Howard Davies last month objecting to the amount of time that the FSA had given the industry to respond, the regulator has relented on the original deadline.

Responses had been due by April 19 but now responses on the specific changes to polarisation are due by the end of April and those in response to the chapter in CP121 about improved disclosure and generic or second-tier advice are due at the end of May.

Aifa director general Paul Smee says: “We are pleased the FSA has given the industry more time to respond to this important paper. We also asked the FSA to consider the pace of implementation and were somewhat reassured to be told that the FSA were looking to proceed at a sensible pace with phased implementation for IFAs, providers and clients.”

Syndaxi Financial Planning principal Robert Reid says: “They have realised there is a paradigm shift in market style and therefore decided they need to give more time for consultation.”

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