Competition, not legislation, places MiFID on advisers, admits FSA

In his last speech as retail intermediaries leader at the FSA, David Kenmir, now managing director of regulatory services at the FSA, told delegates at the PFS Conference in Birmingham despite a MiFID exemption acquired for financial advisers and intermediaries, the FSA is having to look at implementing some rules on IFAs because it would be considered a competitive advantage for intermediaries were it not to do so. According to Kenmir, larger organisations such as banks who also operate in the same advice arena as IFAs and financial planners, will have to meet MiFID requirments and despit...