View more on these topics

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.”

Recommended

Collegiate direct PI for small firms

Collegiate is offering professional indemnity cover for smaller IFA firms which deals directly with the firm. Collegiate Direct will launch in September and is targeted at – but not limited to – adv-iser firms with a turnover of less than 200,000 which are not serviced by insurance brokers because of their size. Head of underwriting […]

Up, up and away in RE/MAX balloon

Estate agency franchise RE/MAX is offering the enticing prospect of tethered ride in its hot-air balloon at the Aylsham Show in Norwich on 28 August. For a small donation, punters can enjoy a birds-eye view of the idyllic Norfolk countryside, with all money raised going to the East Anglian Air Ambulance.

Free Cofunds link to manager interviews

Cofunds is offering its 14,000 users free access to a web-based library of over 1,500 fund manager interviews available through asset.tv. Transcripts and a CPD record are also available.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment