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

Red tape and tech driving consolidation

Hannah Godfrey
clock • 2 min read

Smaller firms are facing increasing difficulties in the form of greater regulatory demands and technological advances, while some "don't have any idea what MiFID II means for them," Roger Brosch has warned.

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...

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 Your profession

The five-minute complaint and the five-day investigation

The five-minute complaint and the five-day investigation

GSI Group CEO on complaints, AI and the latest set of FOS reforms

Mark Buck
clock 12 August 2026 • 5 min read
Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin
clock 12 August 2026 • 4 min read
New Talent Alliance launches financial advice careers guide

New Talent Alliance launches financial advice careers guide

Designed to attract new entrants into the profession

Sophia Panayi
clock 11 August 2026 • 2 min read