Regulation

Provider-owned advisers will still be able to call themselves independent under new FSA rules, despite criticisms of a conflict of interest.

The FSA has issued four questions for the protection industry as part of its Consulation Paper 10/8.

The FSA is set to bring in new capital adequacy requirements for platforms, it said today in its platform discussion paper, warning the cost of ongoing business for some players will increase.

The FSA today set out its final rules on adviser charging and service labelling, as well as a discussion paper on platforms. So what do advisers make of it all?

The FSA believes there is there is no consumer detriment in allowing advisers who operate under COBS rules to maintain their current commission based charging.

The FSA will gather data from IFA firms in the run-up to the implementation of the RDR at the end of 2012 to identify firms not taking any or insufficient action to prepare for the new regime.

The FSA is making it compulsory for platforms to offer re-registration by 31 December 2012.

The label 'restricted' will apply to all advisers who do not meet the criteria to call themselves independent from 2013, but the FSA will not mandate the wording advisers use to explain their limited service to customers.

An unbundled charging structure will improve clarity for customers according to the FSA's RDR, published today.

The FSA says it is not yet ready to create a regulatory regime for Simplified Advice as the development of this channel is still in its infancy but admits it may not be necessary for the level 4 requirement to be needed in this area.