On the heels of President Obama's June 17 plan for financial re-regulation in the U.S, the Financial Services Authority (FSA)--which regulates financial services in the UK--proposed on June 25 a ban on brokerage commissions, as well as other provisions intended to "build people's trust and confidence in the retail investment market." This is all part of the UK's plan for re-regulating investing for retail clients, and part of the global reformation of financial services that is coming out of the economic crisis. Read the announcement and entire plan, here.
The proposals are slated to become effective starting at the end of 2012, and comments are invited through October 30 2009. How will this affect the coming re-regulation for American firms is not yet known, but regulators here are sure to be considering all options. When FSA implemented principles-based regulation, it caught the attention of U.S. securities regulators including then FINRA CEO and now SEC Chairman Mary L. Schapiro.FSA Would Ban Commissions
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