Mark Hoban spoke to the Association of Private Client Investment Managers (APCIMS) on regulatory reform. He focused on:
- changes to the Investor Compensation Directive: he said proposed changes must not be allowed to lock up capital, pass on costs to investors and stifle the private client investment management market;
- UK regulatory reform and the new regulatory structure;
- complex products: he said it was important to recognise that “complex” does not necessarily mean “risky” and regulation should focus on how to offer investors appropriate products;
- the Retail Distribution Review (RDR): he said he was pleased the Commission is following many of the RDR’s principles, but is concerned the EU proposes to require only advisers who label themselves “independent” not to receive commission; and
- the FTT: he said the Government has made it clear it will not support such a tax unless it applies globally.
He also spoke to TheCityUK on EU markets and UK regulatory reform. He stressed the UK's stance on the fourth Capital Requirements Directive (CRD4). He said the UK supports reinforcement of high, common and consistently applied standards for capital but jurisdictions must keep the right to apply higher levels of regulation to ensure financial stability. He also said the UK had recently achieved a significant change to EMIR to help protect a level playing field on derivatives trading. (Source: Mark Hoban Speaks to APCIMS and Mark Hoban Speaks to TheCityUK)