31 May, 2007
FSA to scrap Menu and IDD
The European Commission has forced the FSA to rethink their proposals for MIFID Firms having to use the menu and initial disclosure document after November 07. In order to avoid a tilted playing field the FSA are expected to make further announcements regarding the use of IDD and the Menu.
The problems regarding the IDD and Menu were identified as HM Govt "gold plating" EU directives - which evidently has resulted in Brussels flexing their muscles...
Interstingly, the FSA have admitted that their studies did not find any evidence that the menu had achieved its objectives through reducing commission levels or increasing the share of advice paid for by fee. Only modest evidence that the menu had reduced provider bias in sales was found.
Sounds like another fine mess - paid for by the consumer (again).
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