Turning to platforms to tackle Mifid II
A lot of responsibility has fallen on advisers, but a lot of the work has been picked up by platforms
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A lot of responsibility has fallen on advisers, but a lot of the work has been picked up by platforms
Financial Conduct Authority CEO admits no firm has faced enforcement action on fee transparency
The FCA’s focus around Mifid II in 2018 was on cost and charges
Mifid II has proved every bit as problematic as we feared. The development budget consumed across providers, advisers and discretionary fund managers (DFMs) in the lead-up to launch amounts to more millions than anyone cares to add up. And the spending hasn’t stopped.
Rules including Ucits, Mifid and AIFMD to be directly incorporated into FCA handbook
Regulation is forcing advisers to deal only with wealthier clients
The UK’s Financial Conduct Authority has been taken to task for a lack of transparency over its enforcement of Mifid II rules around costs and charges by Gina Miller, co-founder of wealth management firm SCM Direct.
European robo advice operators have been severely criticised in a report which found fees obscured as well as “inexplicable” portfolio and performance differences.
The US and Asia could be subject to similar research unbundling rules as Europe under Mifid II by 2022, a survey by a research platform provider has shown.
Aviva has been forced to issue another apology to advisers after they were wrongly sent a notification that the value of their clients’ portfolios had dropped by more than 10%.
Morningstar has set up a business unit for financial institutions and advisers seeking to outsource fund selection and asset allocation.
Old Mutual Wealth is the second provider in a 24 hour period to suspend its transfer value analysis service (Tvas), following the Financial Conduct Authorities (FCA) new rules on pension transfers.