Fund supermarket Selestia has criticised the FSA's menu and depolarisation proposals, saying they will serve only to confuse consumers.
Selestia says the proposals do not offer any compelling evidence to support the FSA's claim that its alterations and menu will provide clarification. It also pours scorn on the lack of detail about how market averages on commission comparisons will be devised.
Managing director Brett Williams says: “It is hard to see what benefit if any last weeks announcement by the FSA on the proposed menu project and alterations to the delpolarsiation rules as outlined in CP166 will have for either the adviser community or the consumer. This additional bureaucracy whilst demonstrating there is evidence of consumer confusion, does not come with any compelling evidence to support the claim that these alterations and menu will provide consumer clarification. Rather the opposite.”