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Sandler fears over EU directive

Ron Sandler says the EU&#39s investment services directive poses serious problems to his own recommendations and to direct-selling operations.

At the annual Pima conference in London last week, he said the recommendation in the directive to ban or restrict execution-only business poses a “definite problem” for his suite of safe haven products.

The Treasury has sent out letters to major execution-only players, saying it is fighting the move despite warnings that the move has a lot of support.

Sandler wants to reduce suitability to a series of warnings but the directive stipulates that suitability must be taken into account.

“There is a definite problem, not just for my recommendations but for the entire direct-selling operation in this country. If people are not able to buy directly off the page, it will only exacerbate the problem. I would hope the UK authorities are working to make sure this does not hamstring the savings industry in this country,” said Sandler.

A Treasury spokesman says: “Concerns remain on a number of important issues including the detailed know-your-customer requirements. The Government believes the requirements as drafted are disproportionate and will be seeking amendments.”

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