Aifa lashes out at FSA reading of IMD proposals

Responding to the regulator's CP 201: 'Implementation of the Insurance Mediation Directive for long-term insurance business' , the Aifa accuses the FSA of doing little to improve the current UK regulatory regime if it allows EU plans for the IMD to go ahead, says the Aifa. As they stand now, the EU Commission proposals - which would require the UK to alter its regulatory regime for IFAs - are not only too "wordy" and "over-elaborated", but would only add an extra cost-burden onto advisers without offering consumers any further protection or education, the Aifa says. The Association is...