Mifid II  

Mifid more challenging than Brexit for advisers

"It’s onerous for advisers to be expected to write a letter telling our clients that everything is where it should be because, if we thought clients should be doing something different then we would tell them. 

"There is a big part of Mifid that is an admin burden and the fact that the rules weren't all in place when it was introduced caused confusion and some advisers weren't prepared and some still aren't."

The regulator allowed for a grace period following the January rule change but warned in June it would start holding firms to account if they are found to have failed to comply.

rosie.quigley@ft.com