TechnologyUK acts to protect online share trades

UK acts to protect online share trades

The UK is leading a bid to amend Brussels regulations, which could cripple online share dealing worth a total of £8.3bn last year.

Link: Level online VAT playing field due tomorrow

Chief Treasury secretary Paul Boateng spelled out Britain’s position on the proposed Investment Services Directive, which includes a requirement for dealers to carry out a suitability test before executing client orders, in reply to questions in the Commons.

He said the restriction would add to costs and would be likely to deter firms from offering execution-only services such as online share dealing and customers from using them.

He said the UK government believes execution-only business ‘should not be compromised by over-burdensome, unnecessary regulation’.

It was helpful to markets, he said, and provides low cost access to a wider range of investors.

The government was ‘making every effort’ to ensure that the draft Directive is amended in such a way that will allow online share dealing to continue.

Treasury figures showed the market soared from £5.5bn in 1999 to £9.6bn in 2000 before dropping back to £8.3bn in 2002.

Related Articles

Grant Thornton joins with Immersive Labs to increase cyber talent

Career Grant Thornton joins with Immersive Labs to increase cyber talent

2w Lucy Skoulding, Reporter
How can accounts payable departments protect themselves from fraud?

Technology How can accounts payable departments protect themselves from fraud?

3w Kristina Russell, Kefron
Six benefits of automating the financial close

Technology Six benefits of automating the financial close

1m Trintech | Sponsored
Audit, MTD, women in accountancy: 5 things we learned from Accountex Summit North

Brexit & Economy Audit, MTD, women in accountancy: 5 things we learned from Accountex Summit North

1m Emma Smith, Managing Editor
Open Banking: an interview with Xero

Business Open Banking: an interview with Xero

2m Lucy Skoulding, Reporter
Hire finance people who welcome and embrace change

Technology Hire finance people who welcome and embrace change

2m Workday | Sponsored
How the fourth industrial revolution is impacting accountancy

Technology How the fourth industrial revolution is impacting accountancy

2m Lucy Skoulding, Reporter
7 ways accountants can use technology to fulfil their growth strategies in 2018

Technology 7 ways accountants can use technology to fulfil their growth strategies in 2018

2m Receipt Bank | Sponsored