<img src="https://certify.alexametrics.com/atrk.gif?account=b2hlr1ah9W20em" style="display:none" height="1" width="1" alt="">
    Login
    Get started

    mifid ii threat or opportunity

    Which side of the debate are you on? Is MiFID II:

    • A threat - upsetting the status quo, placing new, unnecessary, even unacceptable demands on firms and employees, which will ultimately do little or nothing to address the shortcomings and risks faced by our industry; or,
    • A great opportunity - the chance to restore investor confidence and trust, root out bad apples, combat market abuse, and repair our damaged reputation after the financial crash

    Whatever your thoughts, you do have a choice. Sure, compliance of MiFID II is going to be essential, but it's also about how you comply - and that's where you get to decide.

    So, will you walk towards a brighter future come January 2018 and show clients you really care? Or, will you blame it on the regulator and wait until the fines roll in again?

    If you're willing to see MiFID II as an opportunity, follow these 4 steps to a brighter future:

    1. Conduct an Impact Assessment - assess the 'current state' of your policies on execution, disclosures, inducements, commissions, suitability and appropriateness tests, conflicts of interest, codes of conduct, etc.
    2. Get the tone right - be careful what language you use about MiFID II. Negative comments, a perceived lack of control and time pressures can create inertia. Instead, get senior management buy-in and commitment, encourage collaboration, appoint MiFID II or customer champions, create energy, and give ownership - put different people in charge of key areas (eg investment research, execution, client interests, etc). Remember, a positive attitude can be contagious and drive forward change.
    3. See the bigger picture and change the culture - review our firm's entire approach to the principle of Treating Customers Fairly. Is it genuine and sincere, hollow or bare minimum?
    4. Benchmark progress - plan to carry out regular reviews to ensure that any policy or process changes have been implemented fully and are working as you envisaged; reach out to regulators, industry bodies, tech firms and other interested parties to identify best practice and benchmark progress; look for improvements to existing practice.

    Leave a comment

    Tick

    eBook: Essential Uncovered

    Skillcast Essentials is our best-selling library and there's a reason for that. Essentials library provides comprehensive coverage of the key compliance / conduct issues that companies in the UK face today.

    Request now

    9 ways to reduce the risk of bribery and corruption

    Corruption affects all countries, rich and poor. It causes instability, inequality, and poverty, eroding national wealth. Despite the UK Bribery Act coming into force in 2011 as one of the toughest ...

    Read More
    Highlights from the GDPR 2019 Summit

    Almost a year on from the implementation of the GDPR, Skillcast held a breakfast forum for its clients at South Place Hotel. During this session, Skillcast gave a breakdown of the new GDPR Library of ...

    Read More
    Compliance Essentials News - May 2019

    Here's a selection of the most informative compliance news stories this month - regulatory announcements, market studies, and stories about compliance lapses and downright disregard of ...

    Read More
    FCA Compliance News - May 2019

    Here's a selection of news stories from the last month that touch upon the people dimension of regulatory compliance. Select the links or scroll down for more details. 3 firms and 5 individuals are ...

    Read More