FCA advice review squeezes MiFID II timetable

Regulator under pressure

The Financial Conduct Authority (FCA) is likely to delay its consultation on MiFID II conduct rules for advisers, as the regulator wants to determine the impact of its own advice review first.

FCA markets policy manager Stephen Hanks told delegates at a TISA seminar  the regulator feels time pressured by the policy work it is doing in the advice space and will be splitting further work on MiFID into markets and conduct areas. It is likely the conduct paper - which will relate to advisers - will be delayed until the first quarter of next year, while the markets paper will be published as intended in December. The conduct paper will include issues concerning advisers first raised in a discussion paper in March, such as whether all client conversations should be recorded or ho...