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FSA looks at implications of primary advice regime

Following industry feedback on primary advice, the FSA says it is to investigate regulatory and legal implications of the proposed model, plus guided sales and assisted-purchase processes.

Its business plan says: “To support the consultation work and in line with the feedback we have had, we have projects under way examining economic aspects of two of the key proposals put forward in the discussion paper. The first aims to provide evidence of the demand for and supply of primary advice and, if appropriate, to develop possible options for its delivery.”

The regulator says that it will also look into the “practical and economic effects” of a move to customer-agreed remuneration.

It says: “We want to understand whether, in conjunction with widely supported moves to higher standards of professionalism, this would result in better outcomes for consumers, less likelihood of bias, and more stable businesses for firms.”

The FSA adds that it is aiming for market-led changes to take place.

It says: “It is likely that the retail distribution review will result in changes to our current regulatory approach in some areas, but many of the changes could be delivered by the market itself. That remains our preference.”

The FSA will also consider consumer responsibility and the actions they should take to protect their own interests as part of any primary advice-style model.

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