Flexible Menu and IDD plans approved by EU

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The FSA has confirmed advisers will have much greater flexibility on how they provide information to their customers on their status, the nature of their advice and how they are paid.

This flexibility will be introduced from November 1 when the FSA’s Conduct of Business Sourcebook (COBS) is introduced to ensure compliance with MiFID regulations. The EU has confirmed it is happy with the FSA’s proposals for the rulebook outlined in a policy statement published today. Under the new rulebook, advisers can continue to give clients the Menu and IDD, ,which the FSA is reclassifying as guidance, or they may develop their own material. This means they will be obliged to provide information which in many cases is similar to the information in existing documentation but they ...

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