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01 Apr, 2008

AIFA has called upon the FSA to give greater transparency to IFA firms on the use of guidance in place of rules based regulation.

The trade body has also called on the regulator not to widen MiFID beyond its present boundaries without looking in detail at possible market implications.

AIFA director general Chris Cummings says the group support the move to principles-based regulation but greater communication between the FSA and IFA firms is needed to help the drive toward simplicity.

"Firms that have enjoyed the certainty of rules in the past, and who now find those rules expressed as guidance, will also need a period of transition.

"The FSA will be aware that one result of the move towards more principled based regulation is the greater use of compliance consultancies. At present these vary considerably in quality and more should be done to drive up standards.

"We also feel that to try and introduce these proposals in October this year is unrealistic and does not allow firms sufficient time. Given the current market turmoil we feel that a much longer transition period is needed and would recommend October 2009 at the earliest."

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