EU backtracks on asset management mis-selling reforms - reports

Leaked documents

The EU has doubled back on its plans to ban asset managers and insurers from paying financial advisers commission for recommending their investment products, according to reports.

In leaked documents of the EU's retail investment strategy, seen by the Financial Times, Brussels is opting for a ban on "executive-only" sales of investment products where no financial advice was delivered. This is a step away from the full-scale ban the European Commission recommended last year, citing it as one of the most effective ways to remove conflicts of interest between providers and financial advisers. FCA: 'Expect robust action' with Consumer Duty supervision The move follows intense industrial lobbying against the initial proposals, the FT reported. Research carried...