IFAs will keep Menu and IDD says AIFA

The trade body has hit out at the FSA’s decision to withdraw its submission to the European Commission which would have made the Menu and IDD (Initial Disclosure Documents) mandatory on top of the MiFID regulations. However, AIFA says it believes most IFAs will still use the documents to protect themselves and their clients. Faye Goddard, AIFA says: “Although some of our members may welcome the replacement of prescriptive rules with guidance, which seems deregulatory on the surface, this could create inconsistencies that fail to deliver comparable and transparent information about fees ...