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FSA handbook jargon gets IFAs&#39 &#39pain English&#39 award

IFAs are baffled by the FSA handbook&#39s “American style” terminology to describe regulatory terms.

IFAs say they find it difficult to understand FSA jargon in its website and handbook. They say terms such as real time financial promotion, unsolicited real time financial promotion and specific non-real time financial promotion, all relating to a client visit, add to confusion.

One adviser says it is outrageous that the Plain Language Commission has given the FSA website, which features the handbook, an award.

Michael Philips principal Michael Both says: “The handbook is impenetrable. I have spent hours trying to figure out what we are supposed to do in terms of rewriting our own literature and have ended up with a headache.”

Another IFA says: “IFAs should ask the Plain Language Commission to explain the rules because we can&#39t understand them.”

FSA spokesman Robin Gordon Walker says: “The terms come from the Financial Promotion Orders, which is the secondary legislation directly from the Financial Services and Markets Act. In terms of the handbook, we have made it as clear as we were able to.”

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