The FSA has withdrawn plans to include Initial Disclosure Documents and the ‘Menu' on top of the information requirements for the Market in Financial Instruments Directive.
In January the FSA submitted a notice to the European Commission stating its intention to retain the rules concerning IDDs and the Menu which meant its regulations would go beyond the provisions of MiFID. Following this decision the FSA commissioned research by CRA International to investigate the benefits of the Menu, however the results found only limited evidence that the ‘Menu’ has reduced provider bias in advice sales. In addition the 45-page research - published by the FSA today alongside a policy statement on Conduct of Business (COB) rule changes - reveals there is no consiste...
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