Financial advisers operating in Europe are less strictly regulated than their UK counterparts yet consumers are still afforded the same degree of protection, according to Zurich Life government affairs principal Matt Connell.
Addressing key points in the Markets in Financial Instruments Directive (MiFID II), published last week, Connell said requirements concerning remuneration and suitability were less onerous at EU level than under the Financial Conduct Authority (FCA). For instance, under MiFID, 'independent' advisers in Europe are not required to be strictly whole-of-market, while tied practitioners can continue to collect commission, Connell said. However, the regulation still aims to achieve maximum consumer protection. Connell said: "On issues like training, suitability and remuneration, the UK r...
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