The UK's Financial Services Authority (FSA) is to start its planned review of regulatory requirements on the soft commission practices of authorised financial services firms.
The move was agreed by the Treasury against the backdrop of Government post-consultation decisions on the Myners Review of UK institutional investment, and was initially proposed back in February as part of a rolling review.
The work will be done alongside that already under way on best execution in securities markets. The body plans to publish a consultation paper early in 2002 that will set out firm proposals in the area.
Michael Folger, FSA director, conduct of business standards, said:
“The FSA will be looking carefully at the regulatory aspects of soft commissions as foreshadowed earlier this year, within the framework of the Financial Services and Markets Act 2000.
“The Myners Review pointed to some important issues on soft commissions and, in the light of that, we are bringing forward our planned study of market practices.”
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