FSA relaxes transparency rules on selling protection under COBS

Setting out its final transparency rules for investment advisers arranging pure protection contracts, the regulator also says that where an adviser charge has been agreed more than 12 months prior to the protection service, the rules do not apply as the services are "unlikely" to be associated. Otherwise, the FSA confirms proposals set out more than a year ago: that advisers who arrange a pure protection contract alongside investment advice must "in good time" ensure the client understands how the firm was remunerated for the protection element, including commission received. Last ...