Regulation

The FSA today put an end to advisers' hopes it would re-introduce a time limit on complaints, declaring "we are not moving".

'Restricted' advisers must make clear their limitations both in writing and orally using a "specific" script before any advice takes place, the FSA suggests today.

Towry Law's Andrew Fisher has praised the FSA for ignoring calls from IFAs to delay today's RDR proposals, branding the paper "a job well done".

The FSA says it fears some firms may focus more on sales of pure protection policies to maintain a commission income post 2012.

The FSA's proposed labeling for advice could result in a "serious risk of customer confusion" according to the Association of British Insurers (ABI).

The Association of IFAs (AIFA) says proposals tied and multi-tied advisers will have to call themselves ‘restricted' are "lovely".

IFAs may have to consider a wider range of products than they currently recommend to ensure they meet the FSA's new ‘independence' standards.

The Financial Services Authority has asked the industry for suggestions on whether it should apply adviser charging principles to group personal pensions (GPPs).

The FSA today warned firms to be prepared for extra "short-term costs" arising from an anticipated exodus of advisers in the independent sector.

The FSA today clarified firms will still be able to call themselves independent even if they specialise only in a "narrow and distinct" field.