Firms face £1bn bill for MIFID

The figures have been estimated by the FSA, which said some of the largest costs will be borne by companies affected by new regulatory requirements in the areas of non-advised sales, client categorisation, best execution obligations and market transparency. The regulator has published a paper setting out in detail the anticipated costs and benefits of MIFID in which it forecast up to £200m a year could be saved through ‘quantifiable ongoing benefits’ resulting from the directive. The ‘Overall Impact of MIFID’ document highlights that firms will be affected in different ways depending on t...