Fay Goddard, deputy director general of AIFA, said: “In the UK the FSA has decided to take the sensible measure of folding MiFID into the wider Conduct of Business reforms that are taking place. The radical revision of the Conduct of Business sourcebook by the FSA is a major component of its move towards more principles based regulation.
“This move towards a more principled based regime means a focus on high-level rules and principles rather than page after page of detailed requirements. AIFA will, of course, provide support to members in identifying and interpreting the new rules.
“MiFID is in an attempt to create a level playing field across Europe for investors and the firms servicing them. MiFID introduces a new high level requirement for firms to act ‘honestly, fairly and professionally in accordance with the best interests of its clients’. There are a number of changes that affect members and it is important they take time to consider the impact on their businesses.”
AIFA are in the process of producing a series of fact sheets for members that explain the main changes introduced by MiFID and the new Conduct of Business rules (NewCOB).
The fact sheets currently available on the AIFA website are:
- Disclosure
- Complaint handling
- Client classification
