The Association of IFAs (AIFA) has moved to dispel the "myths and half-truths" surrounding MiFID by publishing a factsheet for advisers.
AIFA says the main confusion surrounds non-MiFID firms, those firms that have opted-in to the Directive, and full MiFID firms.
The factsheet answers frequently asked questions such as ‘How do I know if I am a MiFID firm?’ and ‘How will opting-in affect my firm?’
It also sets out what AIFA considers the three main myths surrounding the Directive, including the misinformation, circulated to some firms, that if they opt-in to MiFID they are not subject to FSA rules.
Fay Goddard, deputy director general of AIFA, says: “The AIFA team has been made aware of some incomplete and inaccurate information regarding MiFID that is currently being circulated to IFA firms.
“In order to dispel these myths and half-truths, we are issuing this guidance to reiterate some facts about MiFID and its implications for IFAs.
“The main confusion lies between non MiFID firms, those firms who have opted in to MiFID and full MiFID firms. The requirements for all three types of firms are very different.
“We can understand why this confusion has arisen and that is why we have worked very hard to clarify the implications of the Directive for our members. We now feel that we should issue further instruction to the wider IFA community.”
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