The FSA seems to believe there are many myths circulating about the Retail Distribution Review (RDR). This quarter the regulator busts the bogus info on passporting, discretionary investment management and restricted advice.
In its second RDR newsletter, the FSA confirmed: Passporting into the UK under MiFID or IMD will not be subject to the Financial Services Authority's (FSA) training and competence requirements, including level 4 qualifications and CPD. However, if they set up a branch in the UK they will still be subject to the Conduct of Business (COBS) rules, including the scope of advice (independent or restricted) and adviser charging. Meanwhile, firms who passport in without having a branch in the UK will be subject to the rules set by their home state. Discretionary investment managers (DI...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
