This Policy Statement outlines the response to our consultation launched in PS17/25 on the retirement of guidance FG12/15 and FG14/1, and confirms that both FG12/15 and FG14/1 have been retired.
In December 2017, we published PS17/25: ‘Financial Advice Market Review Implementation Part II and Consultation on Retiring FG12/15 and FG14/1’.
Part of this publication consulted on retiring the following guidance, which we considered had been largely superseded by recent changes to our rules including to implement the re-cast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II):
- FG12/15, ‘Retail Distribution Review: independent and restricted advice’
- FG14/1, ‘Supervising retail investment advice: inducements and conflicts of interest’.
In this Policy Statement, we summarise the feedback received for this consultation. In light of the feedback, we’re confirming the retirement of FG12/15 and FG14/1.
Who this applies to
This Policy Statement will most directly impact on:
- firms providing advice on or distributing retail investment products and financial instruments to retail clients
- trade associations involved in retail investment markets