Unbiased.co.uk has updated its ‘Find an IFA' service to allow UK expatriates to find specialists in providing financial advice to consumers and businesses based outside the UK.
The new search will allow users to search for advisers who have opted in to the Market in Financial Instruments Directive (MiFID) if they are based in the European Economic Area (EEA).
MiFID regulations became a reality in the UK on 1 November 2007, and required advisers who offer cross-border financial advice to ‘opt in’ to MiFID in order to be authorised to offer this advice.
The additional search functionality on Unbiased.co.uk will allow users to specify whether they are based in the EEA or the Rest of the World, and can then direct them to advisers who have opted in to MiFID.
David Elms, chief executive of Unbiased.co.uk, comments: “With MiFID coming into force in the UK on 1 November 2007, the provision of independent financial advice to the UK expatriate community based in Europe must now be carried out by a MiFID ‘opted in’ adviser. As a result we have modified our search and allowed consumers who access the site from outside the UK to find IFAs who are most relevant to them.”
The FSA currently has 1,112 member firms registered to conduct business across borders within the EEA and 308 firms specify expatriate business as one of their top business areas when registering with Unbiased.co.uk.
Elms says the new search engine will help the ‘Find an IFA’ service to better match a customer with the IFA who is right for them.
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