2018年-FCA英国金融行为监管局_mifid_ii_inducements_6页_294kb

Summary of Regulator Assessment: Qualifying Regulatory Provisions

Core Content

This document outlines the FCA's assessment of extending certain MiFID II inducement provisions to firms providing investment advice and portfolio management services to UK-based retail clients. The FCA aims to create a consistent and consumer-focused inducement regime that aligns with both the original RDR rules and the broader scope of MiFID II.

The proposal is a domestic extension of EU legislation and was implemented on 3 January 2018, with an assessment date of 23 March 2018. It does not include the implementation of the Cutting Red Tape review.

Main Regulatory Changes

The FCA has extended the MiFID II inducement provisions to cover the following:

• Article 24(7)(b) and Article 24(8) now apply to firms providing investment advice and portfolio management services to UK-based retail clients on both retail investment products (RIPs) and MiFID financial instruments.
• The inducement ban is extended to include both independent and restricted advice (mirroring the RDR rules).
• The ban applies not only to retaining inducements but also to accepting them, even with the intention of passing them on to the client.
• The RDR rules were clarified on 3 January 2018 to ban firms from accepting any commission, remuneration, or benefit in connection with their wider advice business, not just specific recommendations.

Key Information

• Scope: Applies to firms providing financial advice or portfolio management to UK-based retail clients.
• Estimated number of affected firms: 16,854.
• Impact: The changes are intended to benefit consumers by ensuring that firms act in their best interests, not influenced by inducements.
• Costs: The FCA estimates familiarisation and gap analysis costs of £4.7 million in total, with an average cost of £279 per firm.
• Implementation costs: No material implementation costs are expected beyond the familiarisation and gap analysis, as the rules largely mirror existing RDR requirements.

Business Impact

Cost Breakdown

Benefits

• Consumer Protection: Inducements may compromise the firm's duty to act in the best interests of clients, so the ban is expected to improve consumer outcomes.
• Market Integrity: Enhancing the independence of advice and portfolio management services will increase trust and confidence in the financial market.
• Consistency: The new rules create a consistent inducement regime across both RIPs and MiFID financial instruments.

Additional Information for BIT Score Validation

• Consultation Papers:
  • DP15/3 (March 2015): Pages 41-43 of Chapter 10
  • CP16/29 (September 2016): Pages 15-23 (CP proposals), 137-142 (CBA Annex), and 57-67 (draft Rules Instrument)
• Policy Statement:
  • PS17/14 (July 2017): Pages 38-47 (Chapter 6 feedback), and 52-63 (final Rules Instrument)
• BIT Score: 2.6
• Business Net Present Value: -4.6 (based on 2016 price base year)
• Duration of Policy: 10 years

Conclusion

The FCA's extension of MiFID II inducement rules to UK-based retail clients is a significant regulatory update aimed at improving the quality and independence of financial advice. While it introduces new compliance requirements, the expected benefits to consumers and market integrity are considered to outweigh the costs, with the main impact being on familiarisation and gap analysis. The BIT score of 2.6 indicates a moderate impact on business, and the policy is expected to last for 10 years.