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Abstract
After two years of research and initial consultation,
the Financial Services Authority (FSA) has published
its proposal (Consultation 121) to reform the polarisation
regime that applies to financial advice in UK. The goal
is to introduce greater competition and provide customers
a better deal when they seek advice. The proposal, slated
to be ready in October 2002, will create seismic shifts
in the balance of power between providers, and more
so among the distributors of insurance, savings and
investment products. This paper examines the new legislation
and takes a comprehensive look at how the changes will
affect the industry and the various parties involved.
It concludes by looking at its impact on IT systems
of the providers and how technology can help in delivering
better and secure services in accordance to the emerging
distribution model.
Author
Umesh Kumar Rai
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