'Unnecessary burden': Advisers cast doubt on MiFID II effectiveness

'More of a challenge than Brexit'

Financial advisers have criticised the European regulation Markets in Financial Instruments Directive II (MiFID II) for having a negative effect on the advice profession, while the legislation was also dubbed "a waste of time and money".

Research from CoreData, which surveyed 993 UK financial advisers in June 2018, found more than half of advisers (57%) felt MiFID II as an unnecessary burden, while a similar proportion (56%) saw the European regulation as a waste of time and money. One-third (34%) meanwhile did not see MiFID II as containing sensible reforms that would improve the industry's standards. Two-fifths (41%) of advisers thought the regulation would lead to higher fees for their clients compared with the quarter (24%) who did not believe so. One-third (36%) said MiFID II would result in a fall in the number ...