The majority of advisers believe the Markets in Financial Instruments Directive II (MiFID II) regulation will lead to an increase in restricted advice, according to a study of 612 financial advisers by CoreData Research.
Almost half (45%) of the advisers surveyed expected the incoming European regulation would negatively impact the advice sector, compared with one-sixth (17%) who said they thought it would be beneficial. The Financial Conduct Authority (FCA) has already laid out its plans to replace the Retail Distribution Review standard on 'independence' with a definition more in line with the MiFID II interpretation, and half (52%) of those polled expect to see advisers move from giving independent to restricted advice in a post-MiFID II world. The regulator has suggested the new MiFID II standard ...
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