The MiFID II LEI rules could cause potential conflicts of interest, and inconsistencies between advisers and providers, which "does little to protect the end-consumer", according to IFA Martin Bamford.
The Informed Choice managing director and IFA (pictured) said he had told an individual client with a small self-administered scheme (SSAS) they did not need a Legal Entity Identifier (LEI) - only for the provider of the SSAS to tell the client the complete opposite. An LEI is a unique 20-character code now used to identify 'legal entities' that undertake investment transactions in certain assets. The requirement for 'legal entities' to have an LEI is part of the MiFID II legislation. Aileen Lynch: LEI-d back approach? MiFID II and the LEI According to Bamford, not all clients requ...
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