Search results

The Investment Services and Capital Adequacy Directives must be implemented no later than 31 December 1995. The Personal Investment Authority (PIA), a self‐regulating organisation under the Financial Services Act 1986, recognised in July 1994 and intended to be the lead regulator for retail financial services business, will become a competent authority for the purposes of these Directives and will be making new rules for the ‘investment firms’ among its members in order to give effect to the Directive requirements. The author, in a recent talk reproduced here, describes the new requirements, indicates PIA's approach to implementation and assesses the likely impact on the members of PIA.