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How the FSMA will impact on retail financial services

How the FSMA will impact on retail financial services The Financial Services and Markets Act FSMA will have a significant impact on the UK financial services industry, but it is suggested that it will make relatively few changes in relation to retail financial services. The new regime will regulate some additional retail investments, and it is possible that the design of polarisation will be altered. The greatest impact, however, is likely to result from the FSA's emphasis on senior management responsibility, whereby firms' senior management will be held personally liable if the firm fails to discharge the key retail duties such as know your customer and giving suitable advice. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Regulation and Compliance Emerald Publishing

How the FSMA will impact on retail financial services

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1358-1988
DOI
10.1108/eb025055
Publisher site
See Article on Publisher Site

Abstract

The Financial Services and Markets Act FSMA will have a significant impact on the UK financial services industry, but it is suggested that it will make relatively few changes in relation to retail financial services. The new regime will regulate some additional retail investments, and it is possible that the design of polarisation will be altered. The greatest impact, however, is likely to result from the FSA's emphasis on senior management responsibility, whereby firms' senior management will be held personally liable if the firm fails to discharge the key retail duties such as know your customer and giving suitable advice.

Journal

Journal of Financial Regulation and ComplianceEmerald Publishing

Published: Apr 1, 2000

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