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.
Mifid II is a big concern for around three-quarters of global asset managers, who think regulators need to provide better guidance and tools to navigate the increasingly complex landscape, according to State Street Corporation.
UK financial planning firm Aisa International has set up a branch in the Czech Republic following its registration as a Mifid tied agent, as part of the firm’s ambitious plans to set up further such branches in future.
Financial advisers in the UK may be required to record phone calls to clients under the Financial Conduct Authority’s (FCA) proposals regarding Mifid II, which also looks at extending the RDR commission ban for portfolio managers.
France, Germany and Italy are against introducing a complete ban on commission in their financial services industries despite pressure from the EU, according to Michael Lodhi, chairman of dual headquartered Paris and Barcelona-based Spectrum IFA Group.
The UK government has launched a consultation on changing the definition of financial advice, so that only a personal recommendation for a product is considered advice which will be regulated.
The UK’s Chartered Institute for Securities & Investments (Cisi) has published a guide to help firms meet the new European Securities and Markets Authority (Esma) regulations.
Mifid II and Solvency II are the regulations asset manager think are most important this year, with data collection, enrichment and delivery identified as the most challenging areas.
The recent release of the UK’s Financial Advice and Market Review (FAMR) might not have had much impact elsewhere in Europe but perhaps it should have done, says Paul Stanfield, secretary general of the European Federation of Financial Advisers and Financial Intermediaries (FECIF)
Pension fund costs and charges look set to become more transparent following a new reporting standard proposed by the UK’s Financial Services Consumer Panel (FSCP) on Friday.
The European Commission is to extend the start date of the revised Markets in Financial Instruments Directive, or MiFID II, by one year to 2018.
Legal & General Investment Management’s (LGIM) decision to change the way clients are charged for research ahead of the Mifid II deadline has been applauded by the co-founder of investment firm SCM Direct.
