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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.”



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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.


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