Keyfacts compliance is not good enough, says FSA

According to a statement just issued by the FSA, less than six out of 10 advisers (58%) are issuing consumers with both of the required keyfacts documents which now have to be issued under the depolarised advice regime. A total of 130 mystery shopping exercises conducted on 81 investment adviser firms - made up of banks, building societies and advisory firms - also found only four in ten (42%) investment advisers gave out both the firm’s initial disclosure document and the ‘keyfacts about the cost of our services' – also known as the commission menu – at the right time. FSA evidence again...