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Widows hails menu choice

Scottish Widows has welcomed the FSA&#39s move to ditch the defined payment system in favour of the menu proposal put forward by Aifa.

Widows had opposed the DPS and its CP121 response, together with parent Lloyds TSB, was sharply critical.

It was one of the product providers which worked on expanding the menu proposal put forward in Aifa&#39s CP121 response. This was done at the request of the FSA, which wanted to see how the menu plan could be expanded across the market.

The menu option requires advisers to disclose a tariff sheet of typical remuneration levels at the beginning of the sales process. But the definition of independence is not dependent on fees. Instead, an IFA is defined as an adviser that scours the entire market.

Widows head of IFA development Robert Wyllie says: “Like most of the industry, we argued against the defined payment system. We never felt that it was a workable solution. It would have resulted in a lot of disruption for very little change of practice.”

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