David Elms, Chief Executive of IFA Promotion, comments on the FSA scrapping the menu and IDD (Trade)

31 May 2007

David Elms, Chief Executive of IFA Promotion, comments on the FSA scrapping the menu and IDD (Trade)

David Elms, Chief Executive of IFA Promotion, comments on the today's announcement from the FSA scrapping the Menu and initial disclosure document: “We are concerned about what will replace the Menu and initial disclosure document after today’s announcement from the FSA. Regardless of how they were implemented, we should not lose sight of the fact that these initiatives set out to improve industry reputation in the eyes of consumers. The Menu and IDD provided a level playing between different advice channels and made it clear to consumers that one way or the other advice costs money. This inevitably encouraged more advisers to better explain the value of their service and led more consumers to pay for advice by offsetting fees with commission. We look forward to working with the FSA to ensure that any replacement continues to meet the original objectives of the Menu and initial disclosure document.”

For further information please contact:

David Elms	Nicola Hussey/Jonathon Grove
Chief Executive	Lansons Communications
IFA Promotion	020 7566 9718 / 020 7294 3653
020 7833 3131

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on

020 7294 3682 or search online at www.unbiased.co.uk/media

1. Independent Financial Adviser Promotion

IFA Promotion, is the organisation established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents around 9,000 firms of independent financial advisers across the UK, incorporating over 17,000 registered individuals. These individuals hold over 20,000 incremental qualifications which are each individually verified by the awarding body. IFA Promotion welcomes the prominent display of incremental qualifications and further developments into the credentials of independent financial advice.

IFA Promotion is sponsored by 29 leading financial institutions, and in the past 12 months, over 600,000 consumers and businesses used unbiased.co.uk to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

Affordable. The option to take independent financial advice should be available, by right, to all- not just the wealthiest in society.
Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2. Independent Financial Adviser Promotion’s sponsors

Aberdeen Asset Management	London Mortgage Company
Abbey	Lincoln Financial Group
AEGON Scottish Equitable Plc	Mortgage Express
Alliance Trust	National Savings & Investments
AXA Life	New Star Investment Funds
Bright Grey	Norwich Union Life
BUPA Health Services	Prudential
Canada Life Ltd	Scottish Life
The Children’s Mutual	Scottish Life International
Clerical Medical Investment	Scottish Widows Plc
Defaqto	Skandia UK Group
Friends Provident	Standard Life Assurance Company
Tomorrow	Unum
Invesco Perpetual	Zurich Intermediary Group
Legal & General

Registered Office: IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606

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David Elms, Chief Executive of IFA Promotion, comments on the FSA scrapping the menu and IDD (Trade)

31 May 2007

David Elms, Chief Executive of IFA Promotion, comments on the FSA scrapping the menu and IDD (Trade)

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