Independent financial advisers will face further compliance as well as reduced incomes if the menu for comparing financial products is introduced as it currently stands, warn financial industry experts.
Latest proposals for the menu published by the FSA yesterday suggest consumers should be able to compare advice costs for different product types, distribution channels and advice payments methods. Fidelity Investments believes the regulator's proposals sounds good in theory, but says they will be hard to put into practice. Rob Fisher, head of IFA marketing at Fidelity Investments, says: "No one would dispute that - in theory at least - comparisons could help consumers. But they must be realistic comparisons which consumers can use. In practice we believe this concept will be unworka...
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