Mifid II  

Advisers take Mifid disclosure ‘nightmare’ into own hands

“We try to rely on our platform’s connections and aim to counter the stupid conclusions sometimes drawn.”

Ricky Chan, director at IFS Wealth & Pensions, said: “The process of doing [the costs and charges disclosure] is nonsense and adds red tape and yet more paperwork for the client, which simply confuses them further.

“It’s a struggle for smaller firms and is an absolute waste of time and resources. We rely on platforms to do most of the legwork.”

But other advisers disagreed, noting the Financial Conduct Authority only required advisers to work to a ‘best efforts’ or ‘best endeavours’ level.

Darren Cooke, chartered financial planner at Red Circle Financial Planning, said: “We are all pretty much getting it wrong and actually can’t get it right.

“Thankfully the FCA has provided us with the most wonderful get-out clause; it recognises that we, as advisers, can't control this and we are beholden to the providers so the FCA allows us 'best endeavours'.

“I think some firms are sweating about this way too much, particularly when the clients don't really actually care about the detail.”

imogen.tew@ft.com

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