The Financial Conduct Authority (FCA) is likely to delay its consultation on incoming MiFID II conduct rules for advisers, as it wants to determine the impact of its own advice review first, its markets policy manager has said.
Stephen Hanks told delegates at a TISA seminar in London the regulator felt time pressured by the policy work it is doing in the advice space and will be splitting further work on MiFID into a markets and a conduct area. It is likely the conduct paper - which will relate to advisers - will be delayed until the first quarter of next year, while the markets paper will be published as first intended, in December. The conduct paper will include issues concerning advisers that were first raised in a discussion paper in March, such as whether all client conversations should be recorded or h...
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