Banks have described as "a plus" an FSA decision not to mandate the wording they will need to use to describe their restricted offering to clients after 2012.
The British Bankers' Association (BBA) says a mandatory statement would have been unfair on both consumers and firms, which offer "many different types" of restricted services. In its final rules on the distribution of retail investments, published on Friday, the regulator said it agreed proposed wording "would not work" for all business models. It offered an example of this: where 'restricted' applies to the range of products considered, but not the range of providers. However, the FSA said firms must still disclose orally and in writing to clients they are receiving restricted ad...
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