The FSA has shelved the menu and initial disclosure document (IDD) for packaged products in a move that has drawn criticism from financial advice industry bodies.
The FSA had intended to lobby the European Commission to keep certain regulations that went beyond the requirements of the Markets in Financial Instruments Directive (MiFID), a Europe-wide EU regulation that swathes of the financial services industry must be compliant with by November. However, while some regulations remain subject to ‘notification’ to the commission, the regulator said it had withdrawn the menu and IDD from that list. The FSA said the decision followed research showing they had failed in their objectives of reducing commission levels, provider bias or raising uptak...
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