Portfolio advisers are increasingly asking themselves why they are having to deal with so much regulatory change emanating from the EU, given the fast approaching deadline for Brexit in March 2019.
Financial firms that have missed the deadline to submit crucial information for compliance with Mifid II rules must have contingency plans in place, the UK’s Financial Conduct Authority (FCA) has warned.
Thousands of financial advisers could fall foul of Mifid II for having the wrong type of intermediary agreement with their discretionary fund managers, the Personal Finance Society has warned.
Advisers in the UK will be required record telephone conversations with clients, the Financial Conduct Authority (FCA) has confirmed, and DFMs are set to be included in the measure.
Regulation will make the job of a wealth manager “harder and harder” over the coming years, Quilter Cheviot’s Mark Hallam has said.
Firms that need to change their regulatory permissions to comply with Mifid II must act now, the UK’s Financial Conduct Authority has warned.
The Chartered Institute for Securities & Investment (CISI) has announced it will partner with the Baltic Financial Advisors Association (BFAA).
The realities of Mifid II are beginning to dawn as advisers across Europe start to realise that commission transparency will be led by product providers, which could leave them feeling a bit exposed, says Shane Wood, business development manager for European IFA network OpesFidelio.
Advisers across Europe underestimate how big an impact MiFid II will have on their businesses when they are required to report charges to clients from 3 January 2018, said OpesFidelio members at its annual conference in Prague.
New rules to force UK wealth managers to tape telephone calls with clients will not apply to smaller advisory firms, the FCA revealed on Friday.
The UK will go ahead with plans to change the definition of financial advice so that regulated firms will only be giving advice when they provide a personal recommendation.
The widespread distribution models in many European countries are not understood properly by the European Securities & Markets Authority (Esma), making parts of its new product governance rules “unworkable” for financial advisers, according to Fecif’s secretary general Paul Stanfield.
