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

FCA delivers plans to regulate cryptocurrency

FCA delivers plans to regulate cryptocurrency

Regulator releases roadmap setting out a series of consultations

Isabel Baxter
clock 26 November 2024 • 4 min read
News editor's view: Disconnects, deals and debates

News editor's view: Disconnects, deals and debates

The news editor's Friday Night Takeaway from 22 November

Sahar Nazir
clock 25 November 2024 • 2 min read
PA Asks: Is the FCA's pensions targeted support consultation a good move?

PA Asks: Is the FCA's pensions targeted support consultation a good move?

This week’s poll also looks at FOS/FCA modernisation and the Mansion House speech

Professional Adviser
clock 25 November 2024 • 1 min read