FSA rules around legacy assets are "unclear" and "incomplete" and could result in less transparency for consumers, according to the Investment Management Association (IMA).
In its response to November's consultation on legacy assets, the IMA said there remains a lack of clarity on when commission can be paid for legacy business in certain circumstances. The November paper on the treatments of legacy assets set out plans to ban 'legacy' commission - money due to an adviser as a result of a change to the existing contract made at any point after 1 January next year. But the IMA has urged the watchdog to clear up a number of grey areas it says go against the transparency principles underpinning RDR. Citing one area of ambiguity, the IMA questioned what ...
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