The House of Lords has urged the European Commission to adopt the Financial Services Authority's (FSA) Retail Distribution Review (RDR) as a model for addressing commission being paid to advisers.
The Lords' economic and monetary affairs committee published a report which outlined a series of flaws in the MiFID II legislation, including the proposal to ban commission only for independent advisers.
The Lords report also suggested that the European Commission should impose a minimum qualification level for advisers and that all advisers should be subject to the same disclosure regardless of status.
The Lords said that the MiFID II proposals from the European Commission were rushed and could be damaging to both the City and the EU financial sectors through flawed transparency proposals and a ‘one-size-fits-all’ approach.
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Lords' report
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