FCA queries industry on cost of MiFID II

Carmen Reichman
clock

The Financial Conduct Authority (FCA) has sent out 4,600 letters to firms asking them how much it would cost them to implement European legislation the Markets in Financial Instruments Directive (MiFID II).

The regulator focused its cost-benefit analysis on the conduct issues within MiFID II, such as the recording of client conversations and the provision of independent advice. The analysis followed a discussion paper on the European rules published in March, which asked firms for their views on whether the European standards for adviser independence are different to the UK's. It also asked firms about recording all client conversations. Advisers could be caught in MiFID II 'appropriateness' testing under the rules, as a mooted widening of the definition of 'complex' products could force...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA proposes to cut down on data reporting for firms

FCA proposes to cut down on data reporting for firms

Part of regulator’s programme to ‘reduce burden’

Isabel Baxter
clock 16 April 2025 • 2 min read
FCA pumps £3.7m into advice/guidance boundary review work

FCA pumps £3.7m into advice/guidance boundary review work

Come as the regulator proposes to increase fees by 2.5%

Isabel Baxter
clock 08 April 2025 • 3 min read
Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read