View more on these topics

FSA likely to delay platform fund information rules

The FSA’s investment policy team is recommending the FSA board delays the implementation of client reporting requirements for platforms until the end of 2013.

In its August policy statement, the regulator stipulated that from January 1, 2013 platforms will be required to provide advised and non-advised investors with the information and notifications they receive from fund managers and depositories about any changes to their investments.

Under the rules, the information can be sent electronically but where that is not possible it must be sent by post. Clients will not be allowed to opt out.

The FSA’s policy team will now recommend at the FSA’s June board meeting that the implementation is delayed for 12 months, after receiving substantial queries from the industry.

In April, Money Marketing revealed that Cofunds, Acsentric, Transact and 7IM had raised concerns over the proposals.

An FSA spokeswoman says: “We can confirm the policy team is making the recommendation to the board. We are looking at this issue and we will announce the results in due course.”



L&G interview: The fixed-term annuity is not a good product for consumers

Legal & General is warning that fixed-term annuities could create a misselling scandal and has hit out at rival providers’ price-matching tactics. In an interview with Money Marketing, group executive director for protection and annuities John Pollock delivers a withering assessment of fixed-term annuity products, which are currently proving popular with advisers. The fixed-term annuity […]


Nic Cicutti: Why advisers need some Dunkirk spirit

Have you ever been in a situation where you have spent many months, even years, arguing in favour of a certain idea because you can see its potential long-term benefits? During all that time, you have had to fend off hundreds of hostile comments from people telling you your opinions are rubbish. Then, slowly at […]

Global energy: positioning for a recovery in the oil price Š

Richard Hulf explains how he and John Dodd have positioned the Artemis Global Energy Fund and where they are finding opportunities. Richard explains how he and John are changing the complexion of the fund to focus on the most efficient oil producers. As he tells journalist Alexis Xydias, in this environment of lower prices, he […]


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. One day, far, far in the future, someone at the FCA (or whatever has replaced it by then) will say “why aren’t the public getting any advice?”. We are drowning in compliance red tape, unable to do anything for anyone without reams of paperwork. Reduce the compliance burden and hand out lengthy prison terms to offenders – that will clean up the industry. Fining wealthy people or corporations won’t get the job done. One day someone will simplify everything and we will get back to giving advice, but it seems unlikely that it will be in my lifetime.

  2. If they can delay this so they can address industry concerns and ensure they get the eventual proposals right why can someone at the FSA not recommend to the board that they delay the RDR as the industry has grave concerns about this due to the amount of unintended consequences that will lead to consumer detriment. Keep it off the the table until all issues have been properly addressed and no consumer will suffer any detriment by the implementation of RDR. Its not rocket science you know.

  3. At all costs keep the FSA away from rockets!!

  4. As in all things with this Financial Stitchup Authority, they didn’t get their research done first.


Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm