key points

• The consultation period for the proposals in the FSA's CP185 run to 31 October 2003. It expects to finalise the rules in early 2004, when they will be available for use by existing UK collective schemes. The regulator is looking to make the rules mandatory from February 2007. • The Inland Revenue will be consulting later in the year on any consequential changes that may be necessary to the tax rules for authorised collective schemes. This will include ensuring new non-retail funds are practical and fair. • Retail fund of funds will not be able to hold the newly categorised non-re...