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FCA to probe how advisers are dealing with Mifid II & Priips

The FCA is set to probe how advice firms are complying with Mifid II in its upcoming suitability review

FCA to probe how advisers are dealing with Mifid II & Priips

The Financial Conduct Authority (FCA) is set to probe how advice firms are complying with Mifid II in its upcoming suitability review.

Following its suitability review in 2017, which looked at advice from 656 firms, the regulator is going to follow this up with a second review of advice suitability this year.

In its business plan for the coming year, the FCA said this follow-up review will look at how advice firms have implemented Mifid II along with Packaged Retail and Insurance-based Investment Products (Priips).

‘This second review will again examine advice and disclosure firms give to different consumers, across different product types and by different types and sizes of firms. It will allow us to assess how firms have implemented the requirements introduced by Mifid, Priips and the Insurance Distribution Directive.’

As well as this new suitability review, later this year the regulator will be carrying out a review of the retail distribution review with findings to be published next year. The regulator has previously indicated this review will look at the cost of advice for consumers.

Listen to our podcast on Mifid II here. 

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