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Mifid halts FSA moves to cut regulation

The FSA’s bid to strip back reg- ulation has been dealt a body blow by the EU’s markets in financial instruments directive.

The regulator, due to publish industry feedback on propo- sals to streamline the training and competence and approved persons regimes last week, has put its plans on hold while it waits for the final Mifid level two rules from the EU.

The consultation paper inc-ludes controversial proposals to scrap “customer-controlled functions” for firms dealing with retail or wholesale customers, shifting the responsibility to them rather than the regulator to vet any new app-roved persons.

FSA spokesman Robin Gordon-Walker says changes made to the original Mifid rules since the FSA issued its consultation paper last July have made it impossible to make reforms.

The FSA will publish feed- back once the EU has made its position clear and Gordon-Walker says this could be months or weeks.

He says: “We remain committed to these plans and will implement them if possible. We did not want to change the rulebook, only to change it again when the final rules are announced.”

But CII group public affairs director John Ellis says: “Scrapping these rules undermines the FSA objectives to protect consumers and could lead to more claims falling on the FSA. The project to reduce regulation should not centre on rules that provide protection for consumers.”


IFAs slam PruHealth ‘bribe’

PruHealth has been criticised by advisers for offering a rew-ard scheme for intermedi- aries to sell its private medical insurance. The Broker Vitality scheme, which mirrors PruHealth’s consumer reward scheme, gives points to brokers who request quotes, product training, joint marketing programmes or place their own company sch-eme with the firm. Conversions of quotes req-uested […]

CML urges Government action over Hips

A report published today by the Council of Mortgage Lenders expresses serious concerns that home information packs may not be implemented on time.It is also concerned that the Government and the public do not understand the impact Hips will have on the mortgage market.CML director general Michael Coogan says: “With only 16 months to go, […]

US firm Dalbar moving into UK with stress-test service

An American firm specialising in stress-testing life and pension products is lining up a move into the UK. Boston-based Dalbar is set to expand into Europe, with Syndaxi managing director Robert Reid co-ordinating its approaches to life offices. Dalbar will start its first survey this month and is inviting major providers to take part. Firms […]

Europe: Volatile share prices create opportunities for long-term investors

Mark Page and Laurent Millet, managers of the Artemis European Opportunities Fund, look at why, how and where fluctuations in European markets can generate opportunities for their fund. When asked what the stock market would do next, John Pierpont Morgan is reported to have replied that “it will fluctuate”. His (apocryphal) answer proved accurate. Over […]


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