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clarkewillmott.com Crisis on Wall Street as Lehman totters, - - PowerPoint PPT Presentation
clarkewillmott.com Crisis on Wall Street as Lehman totters, - - PowerPoint PPT Presentation
clarkewillmott.com Crisis on Wall Street as Lehman totters, Merril is sold and AIG seeks to raise cash Crisis on Wall Street as Lehman totters, Merril is sold and AIG seeks to raise cash Wall St Street t wo worries es could ld wr
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Crisis on Wall Street as Lehman totters, Merril is sold and AIG seeks to raise cash
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Crisis on Wall Street as Lehman totters, Merril is sold and AIG seeks to raise cash
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Wall St Street t wo worries es could ld wr wreak havo voc on ma marke kets ts
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Wal all Stre l Street et wo worri rries es cou could ld wr wrea eak k ha havoc voc
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markets kets
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FTSE SE 10 100 fa fall lls s be belo low w 5, 5,00 000
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FTSE FTSE 100 100 fal falls ls be below low 5,0 5,000 00
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Central banks inject $184bn
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Central banks inject $184bn
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MiFID II
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Banking Crisis
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Shares, money market instruments, CIS and financial derivatives Investor protection measures for structured deposits
Adviser independence
Remuneration rules Recording of telephone conversations and electronic communications Costs and charges disclosure Inducements
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Investor protection measures for structured deposits
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Adviser independence
“sufficient range of different product providers’ products…prior to making a personal recommendation”
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Adviser independence
“sufficient range”
“thorough search of the whole market”
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Adviser independence
FCA independence requirement applies to retail investment products MiFID II independence standard applies to financial instruments Shares Structured deposits Derivatives Bonds Structured products UCITS Insurance-based investment products Pension products UCIS
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Remuneration rules
Principle 3
Remuneration code
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Remuneration rules
“where risks cannot be mitigated, take action to change their scheme, and where a reoccurring problem is identified, investigate, take action and pay redress where consumers have suffered detriment” “Properly consider if their incentive schemes increase the risk of mis-selling and, if so, how” “review whether their governance and controls are adequate” “take action to address any inadequacies”
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Recording of telephone conversations and electronic communications
“transactions concluded on own account” “conversations that are intended to result in a transaction” “reception, transmission and execution of client orders”
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Costs and charges disclosure
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Inducements
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Philippa Hann Partner T: 0845 209 1450 E: Philippa.Hann@clarkewillmott.com