Overview

This week's financial services update from Macfarlanes looks at the FSA's guidance on 'simplified advice' and its practical application; outlines the new additions to the JMLSG's money laundering guidance; and discusses the High Court's decision on the Rubenstein v HSBC Bank plc case.

The briefing begins with news on the FSA's guidance consultation on simplified advice and its practical application. “Simplified advice” is not defined in the handbook, but it is a term which has been adopted to describe streamlined advice processes which aim to address straightforward needs of consumers. The aim of the guidelines is to reduce regulatory uncertainties that may be discouraging firms from offering simplified advice services.

In addition, the briefing discusses the JMLSG's revised text of its Money Laundering Guidance, showing proposed amendments following a review over the past few months. In particular, the review looks at areas of omission, provisions of the Guidance that are difficult to implement or effect, and provisions of the Guidance that no longer reflect current practice.

For the full details on these stories and more, click 'View Briefing'.