AIFA in 'gold-plating' plea to FSA

Chris Cummings, AIFA director general, says the UK should do no more than ‘copy out’ directives published through the Markets in Financial Instruments Directive (MiFID). He says this is becoming standard practice in other countries, such as France and Spain, and will lead to a more unified regulatory environment across Europe, which he points out is the ultimate objective of MiFID. The term ‘gold-plating’ refers to member regulators adding their own directives over and above those in the original legislation. “I have just come back from a meeting in Madrid where I had a number of inte...