Aegon has voiced its approval to the feedback, policy statement and implementation of the financial advice depolarisation advice 'menu', released by the FSA yesterday.
Head of business development at Aegon, Steven Cameron says the changes made, although there are only a few from an earlier draft, have been sensible and generally comply with what Aegon has been lobbying for.
Where advisers will need to look out for changes, he warns of a change in dates in adopting new complaint rules, highlighted in chapter four. It was originally believed that these new rules would be implemented straight away, however the document makes it clear that these laws will come into effect on 14 January 2005.
Cameron adds he is pleased that the FSA will provide a calculator, aiding companies in simplifying the method of calculation from the way it currently looks.
He is also intrigued as to how much money will be spent on consumer education and how many people this will reach as a result.
While not convinced that too many people will shop around, Cameron hopes that people take notice of the advice provided by the FSA that ‘cheaper is not always best.” He says that this an important point that the FSA needs to reafirm.
He also points out the previous menu allowed little space for IFAs to disclose their advice service, however, amendments to the new menu means that advisers have been gifted more space to make their business practice clear.
A smaller point made by Cameron is where independent advisers - within the guise of the old menu - were required to provide a fee when offering advice to employees, within the new menu, advisers no longer need to offer a fee to provide advice.IFAonline
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Ceremony will take place 13 November