FSA suitability proposal is 'unhelpful', says Aifa

Ahead of the regulator’s consultation paper on the new conduct of business (Cob) sourcebook – due later this month – Dan Waters, director of retail policy at the FSA, says the regulator is proposing to apply the MiFID formulation of suitability standards to non-MiFID firms as well. Robin Gordon-Walker, press officer at the FSA, says the approach is designed to achieve a level of consistency between MiFID and non-MiFID firms and he claims the requirements are only slightly different to the current Cob regime. But Tracey Mullins, director of public affairs at Aifa, says the proposal is un...