Darren Cooke of Red Circle Financial Planning thought some firms were still not ready for Mifid due to the big changes needed to be made to systems and processes and a perceived lack of clarity on what was required.
He said: "Given nobody seemed to fully understand what was actually required of firms and the FCA itself didn't give clear guidance then the soft stance seemed entirely appropriate.
"Sadly there is still little clarity on requirements and big differences in interpretation of the regulations and what needs to be done by when. Some of it is frankly all but impossible to apply yet as the technology just isn't there for the required reporting.
"On that basis I think the FCA will find that most firm are yet to fully comply the difference will be if they have applied best endeavours to understand and comply or simply ignored it."