Advisers hit out at FSA over unresolved rules

Although the regulator has issued Policy Statements - effectively final rules - on platforms and the distribution of retail investments (RDR) from 2013, a number of issues remain unresolved. Final guidance on the application of VAT on adviser charging will not be published until next year, while the expected prohibition of cash rebates to clients on advised business has been delayed so the FSA can conduct further research. The regulator is also yet to issue rules on firms receiving commission on legacy products after 2012. Simon Webster, of Facts & Figures Financial Planning, said:...