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Implementing new Menu will cost industry £39.75 million

The FSA has estimated that the additional one-off cost to firms of implementing and complying with the new Menu rules will be £39.75m.

This will include the costs of management time, training costs, the rewriting of compliance manuals, and the system costs of preparing and updating the menu, amongst other things.

The ongoing compliance cost to firms will be £22m a year, mainly due to having to explain the menu to clients.


Complaints to FOS double to 2,000 a week

Complaints to the Financial Ombudsman Service have soared to 2,000 a week from 1,000 this time last year. The FOS had expected 1,500 new cases last month, leaving it open to claims by the industry that it has grossly underestimated the amount of complaints it will get this year. FOS head of communications David Cresswell […]

Small-cap funds lead way for performance

Smaller company funds got off to a flying start in January, according to figures from Lipper. The best-performing fund category was UK smaller companies, which gained 6.37 per cent, with Japanese smaller companies on 3.96 per cent while European smaller companies gained 2.69 per cent. Technology and telecommunications was the third-best perfoming sector, with a […]

Realistic view

The issue of realistic reporting has raised its head only in the last few weeks as far as most IFAs are concerned. The first reaction for many must have been: “So are you telling me that the financial strength figures I have been using are not realistic?” What changes are proposed and what will they […]

Loan network offering interim AR contracts

Mortgage network Networkone is offering an interim contract deal to sign up appointed representative firms ahead of mortgage regulation at the end of October. It has issued 70 interim contracts for appointed representative firms and is in negotiations with another 100 companies. The firm plans to offer free membership for ARs who meet sales targets, […]


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