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FCA updates guidance on ‘basic advice’ under Mifid II 

April 20, 2018

Money Marketing, Hope William-Smith

"Advisers will not be able to give ‘basic advice’ on stakeholder products that fall under Mifid II and the Insurance Distribution Directive, the FCA has confirmed.

Basic advice rules, which date back to 2005 and allow the provision of simpler and lower-cost advice to consumers on a range of stakeholder products using pre-scripted questions, previously applied to products that fell under a Mifid I exemption, but are no longer fully compatible with the requirements of Mifid II or the IDD."

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