Basic Advice: Legality of regime waits for MiFID

Details of PS 04/22 – A basic advice regime for the sale of stakeholder products: feedback on CP 04/11 and near-final text – published yesterday indicate the FSA is now satisfied with the changes it has made to the script used and should not give rise to the systematic mis-selling of products. That said, the FSA notes it is still unclear whether the basic advice regime is compatible with level 2 regulations of the Markets in Financial Instruments Directive (MiFID) – previously known as the Investment Services Directive – as final details of the MiFID directive will not be known until Spr...