IFAs could avoid FSA action with 'confirmed guidance'

The development means a company can avoid FSA action if shows it has followed its own ‘confirmed’ guidance. Trade associations and professional bodies can also apply for guidance approval under the new rules, which the FSA says are an important step in the move towards principles-based regulation. It recently confirmed three sets of guidance by MiFID Connect – a group of trade associations formed to prepare guidance on the implementation of the Markets in Financial Instruments Directive. FSA director of strategy and risk, Verena Ross, says: “Trade associations and others have for many ye...