Hoban warns MiFID II will 'distort' UK advice

The Treasury is concerned the EU directive MiFID II will distort the UK advice market by restricting the commission ban to independent advisers.

A draft version of the directive leaked last month said the commission ban should apply to IFAs only. Speaking at an APCIMS conference in London this morning, Treasury financial secretary Mark Hoban said: "We remain concerned with details to restrict the ban on commission to independent advisers." He said the Treasury would "continue to fight" to ensure Britain remains at the forefront of developments in financial services. Last month's draft European directive stipulated that independent advisers should not accept remuneration from any third party except the client. Article 19 ...