Value for money (VfM) testing as part of investor protection has become a central focus for regulators in recent years.
In the EU, the very comprehensive Retail Investment Strategy (RIS) proposal was put forward in May 2023. This proposal had been several years in the making, layering on top of previous regulations such as Mifid 2, Priips and AIFMD. Value for money, as a direct measurable outcome, refines the way regulators approach protecting investors Some interesting themes in the initial outline include ensuring that financial advice is aligned with retail investors’ best interests, that financial a
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