MiFID II forces firms to disclose total investment cost to clients

The new rule is part of a raft of changes in the directive made public yesterday that will affect investment managers, discretionary managers, private client wealth managers, platforms, financial advisers and all other financial intermediaries. It will require the providers of investment products to present consumers with the total of the cost of their investment, including adviser cost, product cost, third party cost, transaction cost and everything else that affects the amount returned to investors. The cost will need to be expressed as a single number as well as be disclosed in an ...