I imagine most IFAs are pretty confused at the moment about how the new conduct of business rules will actually affect their businesses.
The Financial Services Authority (FSA) really went for it last week by publishing all its proposals for NEWCOB at once in a 350-page report detailing everything the UK financial services industry will need to comply with from November next year. It was bad enough trying to explain the report in simple language, but actually figuring out how it will change the way IFAs work is even harder. Many aspects of the new regime appear different on the surface, but when you dig deeper it seems not much has changed in reality. For example: There is a less rigid approach to the content of suitabi...
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