Francesca Bell, consultant at Bovill, looks at why the Retail Distribution Review is not the only piece of legislation having an impact on the UK retail financial services market.
Following publication of the European Commission's proposed text for the recast Markets in Financial Instruments Directive (MiFID II) in October 2011, it has become apparent that there are a number of areas where the FSA's Retail Distribution Review (RDR) requirements and the draft MiFID II provisions may not be compatible. Of particular note are potential discrepancies as regards the scope and characteristics of independent advice and the circumstances in which firms acting for clients can accept payments from third parties in relation to such business. Definition of independent A...
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