APFA calls for 'proportionate' Mifid II rules to support 'significant' cross-border advice

Director general Chris Hannant (pictured) warned the regulatory burden around passports, needed to give cross-border advice to clients in European countries, may hold advisers back from serving the needs of a "significant proportion" of clients. He said he was surprised by recent research findings which suggested as many as one in three advisers have clients who either live or spend time overseas but only a quarter hold the regulatory passports. The vast majority of these advisers, 83%, only give advice to the clients when they are present in the UK, hinting at a reluctance to secure ...