Regulatory Alerts2017-07-31
Added · Updated
Policy Statement on Financial Advice Market Review Implementation Part II and Consultation on Retiring FG12/15 and FG14/1
The Financial Conduct Authority publishes final rules implementing amendments to the Regulated Activities Order, effective 3 January 2018, which narrow the definition of regulated advice to personal recommendations. These changes extend Financial Ombudsman Service jurisdiction and Financial Services Compensation Scheme protection to consumers receiving unregulated guidance from authorized firms, while removing Training and Competence sourcebook requirements for staff providing only such guidance. The document also consults on retiring non-Handbook Guidance FG12/15 and FG14/1 by 19 January 2018, as these are expected to be superseded by MiFID II requirements.
Share