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FSA&#39s menu is not to many IFAs&#39 taste

Many IFAs are sceptical that the FSA&#39s proposals for a menu system for remuneration will make it easier for them to remain independent, according to a survey by George Street Research.

In the survey carried out exclusively for Money Marketing in November, 47 per cent or 98 of the 210 IFAs quizzed said the FSA&#39s proposals would make no difference to their plans to remain independent.

Fifteen per cent said the proposals would make maintaining their current status a little easier and 12 per cent said it would be much easier. But 21 per cent thought it would be a little or much harder.

The research also found that IFAs are unimpressed with the FSA&#39s action on professional indemnity insurance, with 50 per cent saying it would not make it easier to find cover while 24 per cent said the FSA has made it harder.

Just 1 per cent of IFAs believed that finding cover would be easier.

The Sandler report also fared badly in the survey, with 82 per cent of IFAs saying the proposed stakeholder suite of products would fail to close the savings gap. Only 9 per cent said it would help.

On the question of pension contributions, 62 per cent of IFAs said everyone should get the same tax relief irrespective of their earnings while 28 per cent disagreed.

Needanadviser.com director Ashley Clark says: “The FSA has fallen short on the menu system and, until it gets its act together, the PI situation will not change.”

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