Tag Archives: personal recommendation

FCA finalises perimeter guidance on personal recommendations

FCA has published a policy statement setting out its feedback on what is a “personal recommendation” in relation to retail investments, as part of its work on the FAMR. The new guidance, which will be in PERG, is aimed in part at reassuring firms that there is information they can give clients, and can even […]

FCA feeds back on FAMR

FCA has published a policy statement on its consultation on FAMR and insistent clients.  Respondents were generally supportive of FCA’s proposed PERG guidance and also asked for more guidance in some areas. FCA will publish the new guidance in early 2018 and directs firms wanting to make use of the amendment to the RAO definition […]

Treasury makes investment advice change

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 […]

Treasury updates on financial advice

Treasury has published the outcome of its consultation on the definition of financial advice. It has decided to amend the definition so that: regulated firms will be giving advice only where they provide a personal recommendation; but the wider (current) RAO definition of “advising on investments” will remain to define the regulatory perimeter. Treasury believes […]

Law Society responds on financial advice

The Law Society has published its response to HMT’s consultation on amending the definition of financial advice in Article 53 of RAO. Generally, the Law Society supports the policy objective of appropriate regulatory simplification. Like the CLLS, it is agreed that the definition of the regulated activity should be limited to personal recommendations, and should […]

CLLS responds on financial advice

The City of London Law Society (CLLS) has published the response of its Regulatory Law Committee to HMT’s consultation on amending the definition of financial advice in Article 53 of RAO. It notes there is considerable confusion in the market currently, because of the differing definitions of “advice” under FSMA and MiFID, the definition of […]