Mifid II is the elephant in the room, trade body warns

Tim May, who made the comment at a speech in London today, said Mifid II, which has no RDR equivalent concept of restricted advisers and only proposes to disclose but not ban commission, "remains the elephant in the room". "Submissions have been made to protect RDR and the latest Council text bans all trail, but no-one knows where this will end up," he said. In September the European Parliament voted against a Europe-wide ban on commission to be included in Mifid II. IFAs are banned from accepting commission under the directive, but the Council of Ministers' has proposed a slight l...