Etusivu \ Deregulation and New Legislation \ Offering insurances and investment services

Offering insurances and investment services

The objective of the EU regulations concerning investment services (MiFID II) is to harmonise the financial service regulations of Member States, create an equal operating environment and reinforce investor protection, for example, by placing stricter limits on offering complex investment products and tightening the requirements on investment advice. At the hearing (in Finnish) organised by the Parliament’s Commerce Committee, the FCCA expressed that it opposes the arrangement according to which certain operators would be able to offer services such as investment advice with lighter requirements than normal. This would considerably erode investor protection and would not be beneficial from the perspective of an equal competition environment either.   

In late autumn 2017, Parliament discussed the government proposal on amendments to the legislation on offering insurance policies (IDD). The statement (in Finnish) issued by the FCCA drew attention to the prohibition on the acceptance of fees, the obligation to determine the need for insurance, the obligation to assess the appropriateness and suitability of investment policies to the customer, suggestions concerning personal recommendations, and the regulations on tying practices.