At the beginning of this year, implementation of European Union financial service legislation is dominating the Financial Services Authority agenda. They have said that consultation papers on the EU's Markets in Financial Instruments Directive (MiFID) and the Capital Requirements Directive are imminent.
MiFID requires investment intermediaries to detail the lengths they have gone to in order to get the best price. It has an implementation date of April 2007. The Financial Services Authority is due to publish a business plan, outlining their intentions during 2006.
Our view
has already "passported" its services into Spain under the EU Insurance Mediation Directive. We believe opening up our services to Europeans and British expatriates is a good thing for their protection and access to quality advice.