News

Cofunds chief executive Brett Williams believes proposed changes to platform remuneration are likely to lead to increased costs and heightened adviser confusion.

The FSA believes there is there is no consumer detriment in allowing advisers who operate under COBS rules to maintain their current commission based charging.

The FSA will gather data from IFA firms in the run-up to the implementation of the RDR at the end of 2012 to identify firms not taking any or insufficient action to prepare for the new regime.

The FSA is making it compulsory for platforms to offer re-registration by 31 December 2012.

The label 'restricted' will apply to all advisers who do not meet the criteria to call themselves independent from 2013, but the FSA will not mandate the wording advisers use to explain their limited service to customers.

The FSA has abandoned the reading-across of RDR labelling to pure protection.

An unbundled charging structure will improve clarity for customers according to the FSA's RDR, published today.

The FSA says it is not yet ready to create a regulatory regime for Simplified Advice as the development of this channel is still in its infancy but admits it may not be necessary for the level 4 requirement to be needed in this area.

The FSA has indicated it is leaning towards abolishing all payments to platforms from product providers.

Product providers will not be required to monitor the effect on their products of the levels of adviser charges deducted, the FSA confirms today.