Estimated cost of the changes

menu system

&149;The FSA has estimated that there will be a one-off compliance cost of £39.75m to firms for impl...

&149;The FSA has estimated that there will be a one-off compliance cost of £39.75m to firms for implementing and complying with the menu rules and ongoing costs of £22m a year. &149;Tied intermediaries will suffer the most in ongoing costs, with the FSA estimating this group will need to spend an average of £14.5m a year in ongoing compliance costs, while independent advisers will spend half that amount. This is mostly down to the £14m alone the FSA believes it will cost tied advisers to explain the menu system to clients. It estimated it will cost just £6.5m for independent advisers. &1...