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Friday, 30 June 2017| By: Rodney Taylor, Business Development Director at Profile Software

The regulators have been clear in communicating the instruction that they expect best efforts to be made to comply with the fast approaching 3rd January 2018 deadline for MiFID II. Whilst an army of consultants have spent months explaining the challenges and interpreting the regulation, now is the time to move to the next phase if you have not already done so. 

For many Wealth Managers two years of work needs to be squeezed into the next six months. With such a tight deadline it is inevitable that choosing the right technology will be key to achieving the best outcome.

So where should Wealth Managers be focusing their time?


Inducements and Suitability

The requirements for Investor Protection under MiFID II is likely to result in an increase in the level of document production. This is an area that will place a heavy burden on Wealth Managers where the primary advice is given to retail investors and does not include the ‘eligible counterparties’ that are largely excluded. The key areas to implement solutions will be conflicts of interest, product disclosure, and cost disclosure.


 

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