The UK regulator has vowed to fight on for a full commission ban, but Europe is drafting rules based on the preferences of most member states..
The recent furore over the draft MiFID II rules – which seek to ban commission payments to all EU IFAs but not restricted advisers – has raised questions about the path of regulation being followed in Europe and that of the UK. The dominant distribution channel in Europe is bancassurance. Firms in EU countries that lag behind the UK’s RDR-style approach already face a series of costly changes to their sales processes under MiFID II – a strong incentive to lobby hard to restrict its scope. The FSA has declared the UK a trailblazer, leading from the front in global regulatory developmen...
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