Seven in ten advisers fear their firms will not be MiFID compliant in time for the Directive's introduction on November 1, research suggests.
The study by investment firm Brewin Dolphin also found 70% of advisers are confused as to whether or not they are directly regulated by the new Directive.
The Markets in Financial Instruments Directive (MiFID) is part of an EU plan to harmonise the manner in which financial services are delivered by providing common standards of regulation across EU member states.
Brewin Dolphin’s independent survey of more than 200 IFAs also found 80% believe that MiFID has not been sufficiently well explained to the adviser community.
In addition, 87% feel that they did not know enough about the directive and its impact on their business.
Furthermore, almost half - 46% - were unable to identify who would benefit the most from MiFID while 30% earmarked consumers as the main beneficiaries. Only 8% felt that advisers would benefit the most.
John Cowmeadow, head of professional business development at Brewin Dolphin, which has a MiFID-for-advisers web page, says: “The vast majority of financial advisers remain in the dark about MiFID, despite its looming deadline.
“Although many intermediaries will not be directly regulated by MiFID, the effects of this directive are wide ranging and will have a significant impact on the way they manage their businesses and their clients.
“This research demonstrates that there is an urgent need for advisers to receive clear guidance on MiFID in order to bring them up to speed over the next few weeks.”
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