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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