Treasury has published the statutory instrument amending article 53 of the RAO to make the change to the definition of “investment advice” on which Treasury had consulted. As promised, it does not amend the definition for the purposes of the regulatory perimeter, but provides that investment advice, when given by a person appropriately authorised under FSMA, will apply only where the person is providing a personal recommendation. There is a similar change to the exclusion for periodicals when providing investment advice.
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