- “Mis-selling Refunds Promise to Deliver Equivalent of £10bn Fiscal Stimulus”, Financial Times, 9 February 2012.
- For background see FSA, Retail Conduct Risk Outlook (2011), 13.
- Adair Turner, FSA Chairman, FSA Discussion Paper 11/1 “Product Intervention”, 3.
- See para 3.6 of FSA DP 11/1.
- See www.fsa.gov.uk/rdr.
- See para 3.39 of FSA DP 11/1.
- Disclosure is particularly important for so called “execution-only” business, where the retail customer does not benefit from the conduct of business rules on suitability and appropriateness.
- See FSA Guidance Consultation 11/01 “Proposed Guidance on Assessing Suitability: Establishing the Risk a Customer Is Willing and Able to Take and Making a Suitable Investment Selection” (February 2011).
- FSA DP 11/1 para 1.12.
- See Art 9(4) of the respective regulations establishing the ESAs.
- See EBA, “Financial Innovation and Consumer Protection” (February 2012); ESMA Discussion paper, “ESMA's Policy Orientations on Guidelines for UCITS Exchange-Traded Funds and Structured UCITS” (July 2011).
Law and Financial Markets Review
Volume 6, 2012 - Issue 2