Key points

• The 2006 UK Retail Distribution Review identified much-needed reforms to the retail investment markets. It suffered chronic problems arising from the provision of conflicted advice by financial advisers to their clients. The global financial crisis (GFC) added intense urgency to the need for reforms.
• As a result, commission-based charging for financial advisers were banned in 2012, and the requirements under the suitability rule were more sharply defined.
• This article traces the trajectory of the pre- and post-GFC reforms and the ways in which the judicial interpretations of the legislative reforms played an important role in regulating the retail investment markets.
• The article points to evidence that the reforms improved the quality of financial advice in a practical sense and has helped build consumer confidence in financial advisers. The analysis of this article is confined to the legislative text on the suitability rule and its interpretation by the UK courts.

中文翻译：

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重建信任：英国对财务顾问的监管

关键点

• 2006 年英国零售分销审查确定了零售投资市场急需的改革。由于财务顾问向其客户提供相互矛盾的建议，它长期存在问题。全球金融危机（GFC）加剧了改革的紧迫性。
• 因此，2012 年禁止向财务顾问收取佣金，适当性规则下的要求更加明确。
• 本文追溯了金融危机前后的改革轨迹，以及立法改革的司法解释在规范零售投资市场方面发挥的重要作用。
• 文章指出，有证据表明，改革在实际意义上提高了财务建议的质量，并帮助建立了消费者对财务顾问的信心。本文的分析仅限于英国法院关于适当性规则的立法文本及其解释。