More than half of firms do not see any 'obvious benefits' in the Markets in Financial Instruments Directive, according to research from the Financial Services Authority.
The FSA has published a paper setting out its assessment of the overall costs and benefits for the financial services industry of implementing MiFID in the UK. Its survey of firms reveals more than half do not identify any obvious benefits from MiFID and it says there is a “reasonable level of pessimism in firms’ perceptions regarding MiFID”. The highest cost impacts identified by firms are in areas of best execution, client categorization, systems and controls and the introduction of the appropriateness test for non-advised sales. The FSA estimates the one-off cost of implementing...
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