The Association of Professional Financial Advisers (APFA) has called on the regulator to cut its handbook on adviser disclosure by a third, saying too many rules lead to lengthy suitability reports that confuse consumers.
APFA listed about 50 COBS rules relating to adviser disclosure, all of which, it said, "lead to consumers being inundated with information at nearly every stage in the advice process". The glut of rules mean consumers are flooded with information and left unable to make clear decisions about financial products, it said. APFA has already been in discussions with the regulator about teaming up to produce more concise suitability reports, and the possible creation of an advice label. The regulator proposed the idea in its discussion paper on ‘smarter consumer communications' in June, ...
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