More than 90% of UK-based asset managers have not begun to implement changes required for the Market...
More than 90% of UK-based asset managers have not begun to implement changes required for the Markets in Financial Instruments Directive (MiFID), according to new research.
The survey, by law firm Lovells and software group Microsoft, revealed progress on MiFID projects was slow because firms were waiting for more detailed information to be released by the FSA. It also showed a top priority for companies over the next three to six months was to review FSA consultation papers.
Firms surveyed identified best execution as being most problematic, followed by client categorisation, and trade and transaction reporting.
Overall, the firms most at risk of missing the deadline were those with overseas activities.
Rachel Kent, head of financial services practice at Lovells, said: "As the survey shows, most firms have been waiting for clarity before committing time and resources to the MiFID project. But in most areas things are now as clear as they are likely to get, and both the EU Commission and the FSA seem committed to meeting the November 2007 deadline. Wait and see is no longer a realistic option."
Partner Insight Video: Advisers have had to adapt to the changing investment landscape.
Investment trust savings scheme