Financial intermediaries argue the FSA menu and the move towards fee-based doesn't fairly reflect the market that the Financial Services Authority regulates.
Rather than offering hourly rates of fee-based advice, many advisers in fact offer a set fee for each piece of work, regardless of the hours invested. One IFA points out there are a number of proposed changes and anomalies which do not quite tally or contradict the FSA’s aims, so here are just a few of his thoughts on the menu proposals and its various changes. The FSA says that they want the menu to be "concise" and "short" and yet their example commissions menu is already 3 sides of A4 when the FSA is quoted as saying: "Proposals are designed to give consumers a clear, concise a...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
