SIFA accuses FSA of "total cop-out" on restricted advice oral disclosure

Laura Miller

The FSA's u-turn on forcing restricted advisers to disclose their non-independence using a fixed set of words is a "total cop-out" and not in the best interests of customers, says SIFA.

In its June consultation paper the regulator said firms offering restricted advice may be required to provide oral disclosure using a specific form of words, including the name of the firm they work for and the range of products it advises on. However in today's final Policy Document, ‘Delivering the RDR', the need for restricted advisers to use the FSA's words to disclosing to customers their non-independent status has been dropped, in a move SIFA is calling a "total cop-out" which leaves the door wide open to abuse. "The acid test for disclosure is whether St. James' Place has to ...

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