Stockbrokers exempted from fee menu

Stockbrokers are to be exempted from the FSA"s requirement to present a menu of charges to prospecti...

Stockbrokers are to be exempted from the FSA"s requirement to present a menu of charges to prospective clients. The FSA has stated that groups do not have to provide a menu if they have a non-discretionary investment agreement with a customer that agrees remuneration is fee-based and that the firm can give advice on securities as well as packaged products. As the principal business of most stockbroking firms is not to provide advice on packaged products, although they do offer the service, the FSA foresees this will be the group most affected by this exemption. Given that the customer...