The FSA has granted AIFA's request, made last month, for extra time to formulate a response to ...
The FSA has granted AIFA's request, made last month, for extra time to formulate a response to the regulator's proposals for reforming polarisation as set down in CP 121.
The FSA is now prepared to receive AIFA's response for the first part of the paper, which covers issues to do with the reform of polarisation including the defined payments system and the cost benefit analysis, by the end of April.
For the wider proposals set out in Chapter Five on the regulation of advice, the FSA has now extended AIFA's deadline until the end of May.
Paul Smee, AIFA's Director General, said: "We are pleased that the FSA has given the industry more time to respond to this important paper. We also asked the FSA to consider the pace of implementation and were somewhat reassured to be told that the FSA were looking to proceed at a 'sensible pace', with 'phased implementation manageable for IFAs, providers and clients'."
"We remain of the view that if the proposals on disclosure of the cost of advice are to be introduced, then they should be implemented in all parts of the market at the same time," added Smee.
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