Advisers could be forced to collect and share client information on non-advised business with providers under new rules mooted by the Financial Conduct Authority (FCA).
European legislation on 'complex' investment products such as derivatives demands product providers carry out 'appropriateness tests' to determine whether the customer is in the position to make an informed decision about the product. The rules, under MiFID II, look set to widen to include complex insurance-based investments and pension products. In its latest discussion paper the FCA said it is "likely" all investment products apart from plain vanilla shares and bonds and non-structured UCITS funds will be considered complex following the implementation of the directive in January 20...
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