The Association of IFAs (AIFA) has welcomed an FSA proposal to introduce a single disclosure document for advisers that would replace the Menu and IDD.
Fay Goddard, deputy director general of AIFA, describes the plan as “good news for members”. The regulator yesterday published a consultation paper outlining the proposal for the optional document as guidance. It maintained advisers are still at liberty to decide how best to present the information on costs and services to consumers. “We support the proposal to simplify disclosure and combine the Menu and the IDD into one overarching document,” Goddard says. “A more flexible approach to disclosure is welcome and the removal of mandatory commission tables and market averages is good news ...
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