NEWCOB: IFAs and pensions follow MiFID suitability

Details of the NEWCOB regime have just been released and reveal – as the industry anticipated – all independent financial adviser firms will essentially be required to follow MiFID’s client suitability requirements, as this would maintain consistency between different types of adviser and products which are considered "out of scope" under MiFID. It means there is little obvious change to the regulatory requirements advisers giving investment-related advice must meet in relation to suitability, according to the FSA, but the key alteration is likely to be less prescription by the FSA as to t...