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Regulating Financial Advice

Published online by Cambridge University Press:  28 June 2012

Roman Inderst  and
Marco Ottaviani
Roman Inderst
Affiliation:
Johann Wolfgang Goethe University, Frankfurt/Main. Financial support from the ERC Grant Agreement 229921 – RNF is gratefully acknowledged.
Marco Ottaviani
Affiliation:
Bocconi University and Northwestern University (Kellogg).
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Abstract

Motivated by recent policy changes across many countries, this paper discusses the rationale for various policies that target financial advice in the market for retail financial services. To set the stage, we review recent findings on how retail financial consumers make use of professional financial advice. Based on our own research, as well as other recent contributions in the economics literature, we then discuss the pros and cons of, in particular, policies that target the disclosure as well as the size and structure of commissions.

Keywords

financial adviceconsumer protectioncommissionsdisclosure
Type
Articles
Information
European Business Organization Law Review (EBOR) , Volume 13 , Issue 2 , June 2012 , pp. 237 - 246
Copyright
Copyright © T.M.C. Asser Press and the Authors 2012

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