Treasury confirms watchful eye over passporting post-RDR

clock

The Treasury has confirmed the RDR will not impact upon the ability of firms based in Europe to advise clients in the UK, although it insists the use of passporting to evade regulation will not be permitted.

In a written question, Liberal Democrat peer Lord Dykes asked the government what discussions it had had with the European Commission on adviser firms registered in other European countries transferring into the UK and providing financial advice without having to comply fully with the requirements of RDR. Lord Sassoon, commercial secretary to the Treasury, replied: "The European Union's passporting criteria, which govern the ability of firms to offer services outside their home member states, are not affected by the RDR. "Where a firm passports into the UK, it will be subject to the r...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Scenario modelling: Meeting the FCA's retirement expectations

Scenario modelling: Meeting the FCA's retirement expectations

Meeting regulatory standards and maximising good client outcomes

Stephen Ford
clock 22 April 2024 • 5 min read
FSCS declares Glasgow firm Atlantic Investors (Scotland) failed

FSCS declares Glasgow firm Atlantic Investors (Scotland) failed

The firm was voluntarily wound up by its director at the end of 2020

Hope Coumbe
clock 22 April 2024 • 1 min read
The advice/guidance boundary review: More shades of grey?

The advice/guidance boundary review: More shades of grey?

'The feedback to the FCA is clear: rules are preferred to guidance'

Nina Cherry and Aneta Murdza
clock 09 April 2024 • 4 min read