Mifid Connect issues guidance on suitability checks
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Guidelines from Mifid Connect - the joint project of 11 trade associations - for financial firms on meeting the suitability and appropriateness provisions of the forthcoming Markets in Financial Instruments Directive (Mifid), have been approved by the UK Financial Services Authority (FSA). The FSA will take into account a firm's use of the guidelines when exercising its regulatory functions.
The guidelines set out points firms might consider in assessing whether their advice-based investment services are suitable for their customers, and whether other services they provide may be appropriate for the client under new requirements introduced by Mifid.
"The regulator's process for recognising industry guidance such as this is making an invaluable contribution towards helping firms come into compliance with what is a broad, far-reaching and principles-based directive," says Anthony Belchambers, chairman of Mifid Connect.
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