AIFA has praised the FSA for pledging to be clearer on its proposals for ‘primary advice', reiterating "it must not be called advice as it muddies the water".
FSA director responsible for the RDR, Stephen Bland, yesterday said “more specific proposals” will be forthcoming on primary advice, and added “there is clearly more to do and more for us to hear…before we decide how to proceed”. AIFA director general, Chris Cummings, says: “We’re pleased that the FSA is looking for more clarity on primary advice and the regulatory regime needed to support it. “We see primary advice as being purely driven by the new sales regime and it must not be called advice as it muddies the water. “We remain sceptical about the idea and are concerned that less wealt...
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