Jupiter says it is not surprised the FSA appears to be having a change of heart over its Authorised Financial Adviser proposals, saying it allows IFAs to make a decision over the future in the cold light of day.
The fund manager says it now expects Aifa's menu option for the remuneration of IFAs to adopted by the FSA in place of the Defined Payment system.
Joint managing director Steve Glynn says: “I was not surprised by the FSA move to do away with authorised adviser status. We welcome the proposal. It was clear that there needed to be a relaxation to ensure a more practical application of the FSA regulations in the market place.
"Independents can now sit down in the cold light of day and work out what will be the best thing for their business working from a commercial model not an inflexible piece of legislation.