APFA: EU regulation hinders cross-border trade advice

Tuesday 7 October 2014 14:33 CET | News

EU regulation hinders cross-border opportunity advice for UK retailers, according to the Association of Professional Financial Advisers (APFA), reports.

According to the source, 1 in 3 UK-based advisers have clients who either live or spend time in EU countries, according to a survey issued by the consulting company NMG and commissioned by APFA in July 2014 with 206 financial advisers.

Of those advisers, 83% have claimed they only give advice to those clients when they are present in the UK, hinting at a reluctance to secure the clearance needed to advise them when abroad. Additionally, 25% have voiced that they hold the regulatory passports required to deliver cross-border advice.

Chris Hannant, director general at APFA, has stated that, given the fact that most advisers are exempt from offering MIFID [Markets in Financial Instruments Directive] advice, “whose requirements really have larger firms in mind,” obtaining the passport permission adds an extra regulatory hurdle for UK companies.

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Keywords: UK, APFA, EU, regulation, hindrance, cross-border, advice, merchants, Customers, financial advisers, retailer, trade, customs
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce