“And, when it comes to more specific requirements – such as those on inducements, or sales of complex products – I think it will be important for firms to understand the drivers for change if they are to successfully implement them.
“Those firms that have been unhappy with the inducements standards that we have articulated since the RDR, for example, will need to keep in mind that standards are set to rise, not fall under Mifid, reflecting a desire for real and sustained change in this area.
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“While large parts of the UK market have, in recent years, already seen their regulatory requirements rise, the new directive will still bring important changes – consolidating, codifying and broadening out what we expect of firms.”
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