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| Financial Advice v Investment Advice https://mail.paphospeople.com/ppforum/viewtopic.php?f=47&t=12854 |
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| Author: | gazzaga [ Fri May 21, 2010 2:14 pm ] |
| Post subject: | Financial Advice v Investment Advice |
OK all, my subject sounds a little silly but do you know there IS a difference according to Cyprus Law? To provide INVESTMENT ADVICE, a company has to hold an investment advice license issued by the Cyprus Securities and Exchange Commission (CySEC). To obtain this license, the company has to meet extremely strict criteria including capital adequacy requirements and professional qualification of staff. Importantly it also regulates disclosure of commission and charges!!!! To provide FINANCIAL ADVICE, the above does not apply as, stricly speaking, this activity is not regulated. Some companies have a license issued by the Insurance Companies Control Service (ICCS) which allows them to mediate on insurance business only. Insurance related investments are allowed but only as far as investment funds provided by the insurance company (i.e. not 3rd party funds held in an insurance bond or 'wrapper'). This was all explained to me by a nice chap who works for a company in Cyprus who hold both licenses! I hope you all find this info useful. |
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