The regulation and governance of financial advice in Europe: the implications for the retail financial advice sector and its consumers

    Research output: Chapter in Book/Report/Conference proceedingChapter

    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.
    Original languageEnglish
    Title of host publicationGovernance and Regulation: Contemporary Issues
    EditorsSimon Grima, Pierpaolo Morano
    PublisherEmerald Publishing Limited
    Pages33-53
    Number of pages21
    Volume99
    ISBN (Electronic)9781787438156
    ISBN (Print)978178743163
    Publication statusPublished - 2018

    Publication series

    NameContemporary Studies in Economic and Financial Analysis
    PublisherEmerald Insight

    Keywords

    • MIFID II
    • financial advice
    • European regulatory reforms
    • social security
    • financialisation

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