In response to an FSA consultation paper on the post-RDR treatment of legacy assets, Cofunds' managing director of operational services, Stephen Mohan, fears the regulator's failure to issue new rules may harm consumers.
Through TISA, Cofunds was instrumental in bringing to the attention of the regulator the need to recognise the complexity around legacy and collectives. We worked with, and supported, the group that, at the FSA’s request, worked on a non-partisan solution to the issue. It’s because of the level of input and explanation provided that we are disappointed with the FSA’s consultation paper. There are two fundamental issues with the paper. Firstly, what is written can be read to mean something completely different from what the FSA has said up to now – assets, despite being unchanged, coul...
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