All advisers will be required to issue clients with a copy of "A guide to the costs of our services" as well as an Initial Disclosure Document and terms of business when they advise any private client, except when advising on GPPs, says the latest FSA consultation paper on depolarisation.
Details of Consultation Paper 04/3 Reforming Polarisation: A menu for being open with consumers states the FSA expects all private clients to be given a document when they first seek advice on packaged products. The document explains what different levels of advisers will be paid if they are remunerated through fees, as well detailing the average market cost of that advice if paid by commission and the maximum potential cost of commission for each type of product. "By arming consumers with this information, we hope that they will have a better understanding that advice costs can vary b...
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