Second, conduct of business requirements are modified in order to grant additional protection to investors. The rules for investment advice are improved both when advice is provided on an independent basis and in the long term.
Finally, organisational requirements for the provision of services to investors are strengthened. For instance, the involvement of senior management in the design of the firm’s policies as to how products and services may be sold or provided to their clients and the adoption of adequate internal controls is consolidated.
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The real point of interest will be in seeing the eventual benefit to the retail consumer.
Peter Smith is Head of Policy Strategy Development, Tisa
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