Of relevance to: All firms providing advice on or distributing retail investment products and financial instruments to retail clients Key date: With immediate effect Two Finalised Guidance publications (FG12/15: Retail Distribution Review: independent and restricted advice and FG14/1: Supervising retail investment advice: inducements and conflicts of interest) and a factsheet [...]
Last year the FCA added a new chapter to COBS – COBS 22 “Restrictions on distribution of contingent convertible instruments”. The effect of this was to prohibit the sale of, or allow the purchase of, a contingent convertible instrument (‘CoCo’) by a retail investor, subject to a limited number of [...]
It has been two years since the implementation of the retail distribution review (RDR) and most advisers have by now finalised their fee models and service propositions. Yet the discussion over whether to charge a fixed fee, hourly fee, or a percentage of assets, continues. Indeed recently, BBC journalist, Paul [...]
The Background The FCA, in Policy Statement PS14/13, announced the streamlining of elements of the reporting requirements for firms providing personal recommendations to retail clients in relation to retail investment products. The statement swept up some minor changes to the reporting of product sales data (PSD). In an earlier Consultation [...]
It has been a long time coming – e.g. see Regulatory Roundup 33 from August 2011 – but the final policy statement on platforms and charging has now been published (PS13/1 “Payments to platform service providers and cash rebates from providers to consumers”). At its core, platforms will not be [...]
Regulatory Roundup 36 contained an article on the publication by the EU Commission of a draft for a revised MiFID – a link to the draft can be found within that article. As was mentioned therein, the revised MiFID actually consists of a recast framework Directive and a new Markets [...]
The FSA has published its latest guide on the Retail Distribution Review in response to calls for help from the industry (and incidentally which reports that firms believe that implementing the RDR ‘has been a very positive experience’). Topics covered include, of course, ‘independent advice’ (which will require a firm [...]
A recent speech by Linda Woodall, Head of Investments Department, FSA acts as a reminder that there is now just 14 months to go before the RDR comes fully into force. The RDR will be a consideration for those firms that will have a combination of Retail Client + Personal [...]
The FSA has published consultative guidance covering the ‘Top questions asked at the Retail Distribution Review (RDR) roadshows’. The four page document contains 11 FAQs to ‘further clarify our rules and our expectations of firms post-RDR’. Those that want a refresher on the changes that the RDR will bring about [...]
The Retail Distribution Review (RDR) continues its progress (see Regulatory Roundup 32 for the most recent update) with the publication of PS11/9 ‘Platforms – Delivering the RDR and other issues for platforms and nominee-related services’. Those impacted by the RDR will know that one feature will be the abolition of [...]
The FSA’s Retail Distribution Review (RDR) will have an impact on retail advisors (not just IFAs but advisers within stockbrokers, asset managers, banks etc.) in respect of commission payments (to be abolished in favour of agreed fees with clients); advice (independent or restricted); and professionalism (the benchmark qualification for advisers [...]
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