The menu proposals published today will not come into effect until the first half of 2005, according to the FSA's explanation of how the industry will transition to working under the new rules.
Before any changes can be implemented, the regulator needs to ensure rules are changed to reflect answers received during the coming consultation period on the consultation paper published today. And it needs to ensure it publishes the data on market averages, i.e., commissions, required for firms to be able to publish their own menus. The consultation period lasts until 1 June this year. Questionnaires for calculating average commission rates on products will be sent out in March, with a return deadline of late July. Draft rules should be published sometime in the second half of 2004...
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