The government is to change the definition of financial advice for regulated firms - replacing, with effect from 3 January 2018, the two existing interpretations with a single one based on the Markets in Financial Instruments Directive (MiFID) definition of a personal recommendation.
Having considered the 63 responses to the consultation it launched last September, HM Treasury said the new definition would "give greater certainty to regulated firms, allowing them to better help their customers" while ensuring there was "proportionate protection in place to avoid consumers being sold inappropriate products". Amending the definition of financial advice: consultation response stressed the change related only to regulated firms, with the exception of "a negligible number" that hold only the Article 53 permission, or only the "agreeing to advise on investments" permission...
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