APCIMS has responded to FSA's consultation on payments for referrals to discretionary investment managers. It asks for clarification that referrals of advisory and execution-only services are outside the scope of the rules. It also stresses that FSA must make its final decision quickly, as many firms are suffering damage to their business because they cannot commit to ongoing agreements before they understand what will be banned. (Source: Response to Quarterly Consultation No 34 – Payments for Referrals)