Menu system misleading on banks

menu

The proposed commission equivalence to be quoted by banks will give a misleading impression to consumers

Now the long-awaited FSA consultation paper on the menu approach to depolarisation has been published it has raised some concerns within the banking community. The British Bankers' Association (BBA) has for the past year sought to persuade the FSA from 'over-engineering' the menu, which, in its original form, we consider a good solution to the difficulties that would have faced advisers should they have been forced to be remunerated solely by defined payment or fixed fee. The FSA's extended proposals, however, give rise for concern, not only for those who sell their own products, but a...