FSA could place MiFID on 'out of scope' business

clock

The Financial Services Authority (FSA) has confirmed it will apply the Markets in Financial Instruments Directive (MiFID) to out of scope firms, including IFAs, where it is appropriate and proportionate.

The Treasury and FSA’s Joint Implementation Plan for MiFID states: “Where it is appropriate and proportionate the FSA will amend, in the light of the MiFID requirements, the regime that applies to firms and activities outside the scope of the directive.” It says one important consideration is the impact on similar products and services where some fall within the directive’s scope and others outside, and the FSA will review the appropriateness of sustaining regulatory requirements in such cases. It will also look at existing legislation and rules to see where they might go beyond the d...

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 Your profession

One Four Nine Portfolio Management surpasses £800m in AUM

One Four Nine Portfolio Management surpasses £800m in AUM

As firm expands investment team

Sahar Nazir
clock 10 November 2025 • 2 min read
Autumn Budget 2025: Ministers warn Reeves against income tax rise – report

Autumn Budget 2025: Ministers warn Reeves against income tax rise – report

Concerns about consequences of breaking Labour’s manifesto commitment

Professional Adviser
clock 10 November 2025 • 1 min read
PA Asks: Should the FCA intervene to tackle pension delays?

PA Asks: Should the FCA intervene to tackle pension delays?

Plus, did the FCA's consolidation review go far enough?

Professional Adviser
clock 07 November 2025 • 1 min read