FCA clamp down on inducements

COBs 2.3 has been around for a while and copied out of the old COB rules going right back to Lautro indirect benefit rules. RDR added a bit of clarification but didn't really change the rules just drew them back to the attention of everyone concerned as a possible mechanism to bypass providers paying distributors but really product bias and conflicts of interest has been in the rulebook for decades.

The FCA are playing catch up for rules that have been overlooked in the past and bad practice that has been allowed to get out of hand.

There is nothing wrong with paying for training to a group of intermediaries or creating integrated application systems and offering speakers at conferences on a not for profit basis. If only it stopped there.

Published: September 2013
By: Anthony Smith

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