New EU rules signal change

Companies could be required to voluntarily compensate their customers in new rules being brought in under the European Union's Markets in Financial Instruments Directive (MiFID).

Reynolds Porter Chamberlain (RPC) claimed that the MiFID, which comes into force on 1 November, is being used as an excuse to rewrite the Code of Business Rules (NEWCOB) and the Dispute Resolution Rules that cover all financial services businesses - even though many insurance brokers are not covered by the MiFID.

Jona