Banca March : According to press reports, a provisional draft is circulating that suggests Brussels is backtracking on plans to ban asset managers and insurers from paying financial advisers for recommending their investment products. The aim of the ban was, according to Brussels, to eliminate any conflict of interest and to improve the outcome for the end-investor but it now appears that the measure will not be implemented, limiting the ban on payments to “execution-only” sales, where no financial advice is given. The final version of the document is expected to be published on 24 May.
EU backtracks on veto on fund sales commissions
