BBA wants regulatory improvements for consumers

The British Bankers’ Association (BBA) has called for more risk-based regulatory capital requirements for independent financial advisers, and for the removal of regulatory retrospection.

The BBA said it believes its demands should be met by the UK Financial Services Authority (FSA) in the review of the distribution of retail banking services. The BBA also called for:
• Greater clarity for retail consumers through a clearly segmented advice market for retail investment;
• Revisions to the basic advice regime to help customers on lower and middle incomes to buy low-risk investment products;
• Greater transparency in the costs of distributing retail products and the provision of