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Treasury to consult on PI Euro rule exemption

The Treasury will consult on plans to allow IFAs to become exempt from a new European law that could push up PI bills by thousands.

The Treasury has revealed its intention to ask financial services firms whether intermediaries could be spared implementing the Markets in Financial Instruments Directive.

The rule, which affects all securities and futures firms, alternative trading systems and investment exchanges, is due to come in to full effect in 2007.

It could have the effect of increasing PI cover for IFAs by several thousands of pounds as it cracks down on price transparency on collective investments.

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