The FSA says it is not yet ready to create a regulatory regime for Simplified Advice as the development of this channel is still in its infancy but admits it may not be necessary for the level 4 requirement to be needed in this area.
It says it is committed to working with the industry to build on its propositions for Simplified Advice but says regulation at his stage is difficult as there is no consensus across the industry as to how Simplified Advice will look. The FSA says: "We will not create a new regulatory regime for Simplified Advice. Given that many firms are at the early stages of developing Simplified Advice propositions, it would be unwise for the FSA, without greater certainty about the design of the process and the product suite, to develop definitive guidance on how Simplified Advice processes would be...
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