Euro commission ban could put thousands out of work, says FECIF

The European Federation of Financial Advisers and Financial Intermediaries (FECIF) criticised what it called "a highly anti-democratic" measure in a letter to Michel Barnier, European Commissioner for Internal Market and Services. The EC's proposals for the Markets in Financial Instruments Directive (MiFID) II, published in October 2011, include a ban on commission for advisers operating on an 'independent' basis. But the FECIF has now lent its support to a proposed amendment to MiFID II, challenging the ban. "Our association is very concerned by the inflexible position taken by th...