Irish Investment Firms Must Act On Product Suitability Gaps
By Irene Madongo (December 2, 2021, 1:19 PM GMT) -- The Central Bank of Ireland has called on investment firms to improve their assessments of clients' suitability for products, after a compliance review of the sector identified gaps.
The regulator published a "Dear CEO" letter on Wednesday, outlining the findings of a 2020 review of compliance among investment firms with the European Union's Markets in Financial Instruments Directive. The rules, widely known as MiFID II, regulate the buying and selling of financial instruments.
The central bank said in its review that its "overarching concern is that firms have failed to establish a risk-based and client-focused approach to suitability that prioritizes positive outcomes...
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