Firms must declare advice methods to FSA

As we reported yesterday, the FSA plans to cut the information volumes in its Complaints Return and Retail Mediation Activities Return by around 80% and 30% respectively. One of its proposals is to replace the ‘Do you give independent advice?’ question, with five descriptive options for firms to choose: Independent (whole of market plus option of fee-only) Whole of market (without fee-only option) On the basis of a fair analysis of the market Multi-tie/ the products of a limited number of providers Single-tie/ the products of one provider The regulator also plans to tackle claw...