FSA to address fund switch 'inconsistencies'

The Investment Management Association was among those to question the equality of the move, which was announced in an FSA policy statement on the post-RDR treatment of legacy assets this week. Julie Patterson, IMA director of authorised funds and tax, said: "The new guidance expressly allows investments underlying a life product to change and not be subject to the new RDR rules, even where new advice has been given. This will lead to distortions in the marketplace." The FSA is now understood to be looking into the issue. Ed Dymott, head of commercial at Fidelity, said: "We expect t...