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FSA logo to be &#39badge of legitimacy&#39

IFAs will be able to use the FSA&#39s insignia in their marketing literature as a way of demonstrating their authorised status if proposals in its latest consultation paper are implemented.

Consultation paper 138, Disclosure of Status under the Financial Services and Markets Act 2000 and Use of the FSA Logo, proposes to determine how authorised firms must disclose that they are regulated.

The FSA says it hopes the framework will in time raise consumer awareness of authorisation and regulation as a badge of legitimacy.

The phrase to be used by IFAs when they initially meet a consumer or in letters or other electronic communication is “Authorised and regulated by the Financial Services Authority”.

IFAs, such as German firm MLP, which are able to operate in the UK because they are authorised by another EU regulator, must tell consumers they are “Authorised by [name of home state regulator] and regulated by the Financial Services Authority for UK business.”

Before selling any products, IFAs will also have to inform investors they have access to the Financial Ombudsman Service if they want to complain.

Spokeswoman Jackie Blyth says: “The whole idea is to introduce consistency across the board for all firms because some of the previous regulators had different ways of having their members disclosing status to consumers.”

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