As part of its work creating a safer and sounder financial system, preventing a future crisis and restoring consumer confidence, the European Commission has proposed changes to existing European rules to further improve protection for bank account holders and retail investors. For bank account holders, the measures adopted today mean that in case their bank
Insurance intermediaries * are considered as the vital links in the selling of insurance products in the European Union (EU). This Directive aims to make it easier for insurance intermediaries to avail themselves of the right to freedom of establishment and freedom to provide services and to guarantee a high level of protection for their
A person may be exempt if he is an appointed representative (as defined in s39 FSMA). An appointed representative is allowed to carry on certain regulated activities by an authorised firm (his Principal) under a contract by which the Principal accepts responsibility for the regulated activities carried on by its appointed representative(s). FSA source
A financial services firm authorised in another European Economic Area (EEA) state can offer certain products or services in the UK and other EEA countries, if it has a ‘passport’ to do so. The EEA includes the EU states, plus Iceland, Norway and Liechtenstein. These firms are regulated in their home country and must meet
Abana Ltd formally incorporated today in the UK at companies house 07843743.
Does a recent question and answer session in the House of Lords suggest a volte face on the retail distribution review (RDR)? As the Treasury Select Committee’s review of the FSA’s retail distribution review (RDR) continues, attracting more than 200 submissions, a question and answer session in the House of Lords has confirmed that firms
The Association of Independent Financial Advisers has told IFAs not to rule out moving to an EU member state and passporting their business back into the UK as the retail distribution review (RDR) approaches. It has highlighted the risks involved in its report, Advice Horizons, which aims to help firms make strategic decisions about their