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FSA set to reshape menu for Mifid

The FSA admits it may have to reform the payment menu and initial disclosure document to comply with the European markets in financial instruments directive.

The regulator is due to consult on the directive in October and will investigate its potential impact on the disclosure documents ushered in by depolarisation last year.

Its review of the success of depolarisation has been hampered by the directive which comes into force next November.

The FSA is concerned that any reforms may be rendered obsolete as article four of Mifid forbids any overlap between Mifid and FSA rules to prevent goldplating by EU members.

The FSA says it plans to apply for exemption from Mifid disclosure rules if it is forced to make changes to the regime on the back of its depolarisation review.

Spokeswoman Sam Bennett says: “We do not want to pre-empt the review but if we make changes, we only want to do it once. We hope this will minimise the costs, time and resource spent by firms.”

Aifa policy officer Vera Cottrell says: “We approve of this way of doing things. We are concerned about the cost of changes to the disclosure regime for IFAs.”

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