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OFT says no decision on averages appeal by Aifa until menu starts

The Office of Fair Trading says it will not decide on Aifa’s appeal against market averages in the payment menu until after the June deadline.

The OFT says it is still considering the complaint and looking at whether there are grounds for an investigation and will not be pressurised into a decision just because the new system is being implemented.

Aifa director general David Severn says it now has to be assumed that the new system will be implemented as the OFT does not have to reply for six weeks.

Aifa asked the OFT to review the menu system, arguing that flawed FSA calculations mean that market-average fee figures are too low.

From the start of June, IFAs will have to list the market average of the cost of advice.

An OFT spokesman says: “We are still considering the complaint and it will take as long as it takes. We cannot be tied down just because there is a particular timetable of events.”

Severn says: “They have to reply to us within six weeks, which takes us beyond the deadline, so we have to assume that the menu system will be implemented.”

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