Smaller firms have 'no idea' what MiFID II brings, warns advice boss

For smaller firms, the Foster Denovo CEO (pictured) said, regulatory change and technological advances had become expensive to invest in and difficult to keep up with. "The second Markets in Financial Instruments Directive [MiFID II] will start to cause lots of headaches for people who are trying to run things themselves because of what you are now expected to be able to show," he explained. "Whether it is data protection, say, or expressing charges in a particular format - for everybody to reinvent the wheel individually is going to be difficult." Brosch said the Financial Conduct...