FCA amends use of dealing commission rules

While the FCA states that the changes simply serve to clarify existing rules, investment managers and brokers may find that the detail of the rules does not necessarily reflect current practices. This paper considers what is changing, particularly in relation to corporate access and the circumstance where substantive research (which may be paid for from dealing commission) is bundled together with ineligible services (that firms cannot pay for using dealing commission), and provides some action points for firms in light of the "clarified" regulatory expectations.