“Last week, two senior FSA staff, John Tiner and David Severn, both indicated, at two separate industry conferences, that the defined payment system (DPS) was unlikely to be implemented. This is very good news. David Severn also said that if the FSA can create a payment system that IFAs can work with, there would be no need for Authorised Financial Advisers (AFAs). He implied that the FSA would prefer not to have an AFA category. This would seem to indicate a more flexible FSA approach.
“The alternatives to the DPS, which are still on the table, are Ron Sandler's tariff sheet and our own menu option. The FSA Board must now make a decision - which is unlikely to be made before late October - and then consult further on their preferred option.”
The outline for AIFA’s menu option is available on AIFA’s website: www.aifa.net.
