Post RDR/RFA we are now seeing a growth in the emergence of execution-only propositions or non-qualified employees being used to provide market views and or guidance without advice. These services are sometimes called an ‘information only’ or ‘non-advice’ service. Whilst these propositions clearly state that they are not offering advice, regulators (FCA/GFSC/JFSC) are growing increasingly […]
Read MoreIncome Drawdown – March 2014
It may have taken the regulator a long while to catch up, but most in the industry have known for years: annuities do not offer great value. In truth, they haven’t represented good value for a while – and all the competition studies in the world will not fix some of the underlying problems relating […]
Read MoreJersey (JFSC) CONFIRMS TIMING OF IMPLEMENTATION OF AMENDMENTS RESULTING FROM THE REVIEW OF FINANCIAL ADVICE
PRESS RELEASE 5 DECEMBER 2013 – The Review of Financial Advice (“RFA”) project commenced in August 2011 with the publication of Position Paper No. 1 on the Review of Financial Advice. On 27 September 2013, the Jersey Financial Services Commission (the “Commission”) published Consultation Paper No. 8 2013: Proposed Revisions of the Codes of Practice […]
Read MoreOCT 2013 Legal and Regulatory Update 8 of 9
Further to our earlier updates on the Review of Financial Advice (RFA) (the JFSC’s version of the UK’s Retail Distribution Review), the JFSC has now published a paper setting out its final position. That paper confirms that only persons registered to undertake Class C and D investment business will be affected by the RFA. The […]
Read MoreOCT 2013 Legal and Regulatory Update 9 of 9
The introduction of the RFA will result in certain changes to the Investment Business Codes of Practice. The proposed changes are set out in a consultation paper issued by the JFSC and the principal changes of note are: Differentiating between professional clients and retail clients and requiring registered persons to develop policies, procedures and controls […]
Read MoreJersey legislative and regulatory changes
The JFSC has now published a paper setting out its final position on its Review of Financial Advice (the Jersey equivalent of the UK Retail Distribution Review). The paper confirms that only persons registered to undertake Class C and D investment business will be affected by the review. The review will distinguish between professional clients […]
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