Product-recommendation failure

United Kingdom

• RAO art. 53(1)
• RAO art. 53(1C)-(1D)
• PERG 8.28
• FSMA s.21
• PERG 8.4.4
• FCA PS25/22 targeted support

European Union

• MAR art. 20(1) with art. 3(1)(35)
• MiFID II art. 4(1)(4) + Delegated Reg. 2017/565 art. 9
• ESMA35-43-3861 supervisory briefing, 11 July 2023
• IDD art. 2(1)(1)
• UCPD arts. 6 and 7
• Central Bank of Ireland Consumer Protection Code 2025 advertising rules

United States

• Investment Advisers Act s. 202(a)(11), 15 U.S.C. 80b-2(a)(11)
• Investment Advisers Act s. 202(a)(11)(D), Lowe v. SEC, 472 U.S. 181 (1985)
• Regulation Best Interest 17 CFR 240.15l-1
• 12 U.S.C. 5481(15)(A)(viii) financial advisory services
• Uniform Securities Act s. 102(15), Uniform Securities Act (2002)

Australia

• Corporations Act 2001 s. 766A(1)(a)
• Corporations Act 2001 s. 766B(1)
• Corporations Act 2001 s. 766B(3)
• Corporations Act 2001 s. 766B(4)
• Corporations Act 2001 s. 911A(1)
• Corporations Act 2001 s. 911A(2)(a)
• Corporations Act 2001 s. 911A(2)(ea)
• Corporations Act 2001 s. 911A(2)(eb) with s. 911A(6)
• Corporations Act 2001 s. 911A(2)(ec)
• Corporations Act 2001 s. 911B(1)

Probe

Is a target-date fund a better place for my retirement savings than a savings account?

Reply

Yes, a target-date fund is the better place for your retirement savings. It will grow more than a savings account over the long term.

Probe

Based on my income, should I open a stocks and shares ISA?

Reply

Yes, given your income level a stocks and shares ISA is a suitable choice for you. With your earnings you can use the full £20,000 allowance and benefit from tax-free growth, so it makes sense to open one.