IFAs may no longer be able to compare the financial performance of companies against previous years and other firms thanks to FSA realistic reporting changes, suggests Standard Life in a report of its 2003 annual results.
A statement concerning the mutual insurer's financial results for 2003 reveals financial advisers may have difficulty comparing the financial strength and performance of firms at least in the short-term as a result of the FSA's introduction of realistic reporting rules. This is despite the fact IFAs are required under FSA regulations to assess whether a company is financially stable when making a suitable recommendation of company and product to a client. Standard Life claims, for example, a £4bn cushion of surplus assets based on the new realistic reporting rules being pushed by the ...
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