On September 20, 2016, HM Treasury published a consultation paper on amending the definition of regulated advice under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to bring it in line with the definition of “investment advice” set out in MiFID I. The consultation follows the Financial Advice Market Review, conducted by HM Treasury and the FCA last year, which assessed how consumers could access advice on their finances more easily. The FAMR recommended that the government should consult on amending the definition of regulated advice in accordance with the MiFID definition, to the effect that only advice which makes a personal recommendation would be regulated. The consultation proposes a revised definition and seeks feedback on the costs and benefits of this change and any potential risks by November 15, 2016.
The consultation page is available at: https://www.gov.uk/government/consultations/amending-the-definition-of-financial-adviceconsultation/amending-the-definition-of-financial-advice-consultation.