FSA expected to seek MiFID exemption on advice

As it stands, it is though only investment advisers firms which hold client money officially fall under the requirement to meet the terms of MiFID, and this is thought to affect only 100 firms in the intermediary market. As a result, says the IMA, it is anticipated the FSA will apply Article 3 of MiFID which give the FSA the option of opting investment advisers out of the directive, and therefore maintains the professional indemnity insurance requirements of financial advisers at just €1m - the level of PII the FSA and Association of IFAs had previously negotiated under the current Invest...