FSA backs new MiFID guidelines for IFAs

The recommendations explain unfamiliar MiFID terminology as well as set out points firms might consider in assessing the suitability of their advice. The FSA says it will consider a firm’s use of the guidelines when exercising its regulatory functions but adds following them is no guarantee against regulator action. The guidelines are the latest of three similar documents produced by MiFID Connect, a joint project between 11 City trade associations designed to ease the transition from the current FSA rulebook to the incoming EU-wide requirements. The British Bankers’ Association (BBA), o...