Abstract
In the context of increasing private provision of social security and welfare, alongside what is argued to be the ‘financialisation’ of daily lives, individuals in many countries face an array of potentially difficult financial choices and decisions. Limitations in levels of knowledge and expertise may lead them to consider seeking financial advice. Yet, in the wake of the great financial crisis, trust in the financial services industry is low.
At the same time, in a number of countries the financial advice sector is facing its own challenges. These include regulatory issues concerning the definition, suitability and delivery of advice; the affordability of advice; and the challenges and opportunities facing the advice sector as a result of the increasing use of technology in the financial services sector.
This chapter examines the implications of these developments for the regulation and governance of financial advice in the context of Markets in Financial Instruments Directive II. In particular, it considers the example of the UK and issues this raises for the implementation of recent European regulatory reforms.
At the same time, in a number of countries the financial advice sector is facing its own challenges. These include regulatory issues concerning the definition, suitability and delivery of advice; the affordability of advice; and the challenges and opportunities facing the advice sector as a result of the increasing use of technology in the financial services sector.
This chapter examines the implications of these developments for the regulation and governance of financial advice in the context of Markets in Financial Instruments Directive II. In particular, it considers the example of the UK and issues this raises for the implementation of recent European regulatory reforms.
Original language | English |
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Title of host publication | Governance and Regulation: Contemporary Issues |
Editors | Simon Grima, Pierpaolo Morano |
Publisher | Emerald Publishing Limited |
Pages | 33-53 |
Number of pages | 21 |
Volume | 99 |
ISBN (Electronic) | 9781787438156 |
ISBN (Print) | 978178743163 |
DOIs | |
Publication status | Published - 2018 |
Publication series
Name | Contemporary Studies in Economic and Financial Analysis |
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Publisher | Emerald Insight |
Keywords
- MIFID II
- financial advice
- European regulatory reforms
- social security
- financialisation
- UK
ASJC Scopus subject areas
- Business, Management and Accounting (miscellaneous)
- Economics, Econometrics and Finance (miscellaneous)