FSA must give IFAs clarity as guidance replaces rules - AIFA

The trade body has also advised the regulator not to extend the Markets in Financial Instruments Directive (MiFID) beyond its current scope without rigorous analysis of the impact. The trade body’s comments come in response to the FSA proposals in Consultation Paper 07/23 to extend certain regulatory controls to firms not subject to the MiFID or the Capital Requirements Directive. The CP clearly demonstrates the extra emphasis being placed on guidance, AIFA says. In its response, AIFA says it fully supports the FSA’s move toward a more principles based regulatory regime. However, it sa...