All financial advisers will be required from 1st June 2005 to disclose the firm's remuneration arrangement to all clients ‘on first making contact', and present a copy of both the advice cost menu the initial disclosure document (IDD) as soon as possible.
Details of the FSA’s PS 04/27 - Reforming Polarisation: Implementation – Feedback reveals the FSA received 114 responses to its previous proposals for depolarisation, as set out in CP04/03, many of which were from financial advisers. Even though the FSA has continued to require all firms – retail and private - disclose remuneration arrangements “from the outset”, one of the first issues to be raised by respondents in feedback was whether consumers might find the amount of information they receive at the outset of advice as overwhelming, as they are given the IDD, the menu and the terms o...
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