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FSA will add to suite if launch is successful

The FSA will consider extending the basic advice regime to all products if it is successful for the Sandler suite.

It says it will conduct a full review of basic advice to assess its impact on competition and examine its overall performance against the standards set for it. The FSA says it will consider extending the regime to non-stakeholder products.

Most respondents to the consultation are in favour of extending the regime as long as it has been shown to work in practice and to be of benefit to consumers. Some respondents say a widening of the regime would increase competition and choice for consumers and call for
consistency of approach across sectors.

The final rules reveal that the FSA has tripled its estimate of the one-off compliance costs of implementing the regime from 16m to 48m.

FSA director of retail policy Dan Waters says: “We fully support the aim of making it easier for all consumers to have access to the stakeholder products. After considerable
research, we have developed a lower-cost form of advice that will enable authorised firms to sell the Government’s stakeholder products simply and quickly to consumers while making sure they are properly protected.”


Nelson quits Money Portal

The Money Portal has lost its third high-profile person in a week after head of communications Kerry Nelson resigned.

Setting sale

James Brown has run his limited company for five years and now wants to sell it and enjoy retirement.

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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