Syed Kamall, member of the European Parliament for London, said he is "not impressed" with the European Commission's assessment of the impact of EU regulation on the UK, and has called for an independent review of proposals to only ban IFAs from receiving commission payments.
Implementation of the Europe-wide proposals included in the draft rules of the Markets in Financial Instruments Directive (MiFID) II, would allow restricted advisers to continue receiving commissions from product providers. Only IFAs would be forced to charge clients a fee for their service. Kamall, who sits as a member of the Economic and Monetary Affairs Committee in Brussels, has called for a "proper assessment" to see if banning financial advisers from receiving commission payments from product providers would increase investor fees or put retail investors off investing. "An as...
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