Smaller firms have 'no idea' what MiFID II brings, warns advice boss

Red tape and tech driving consolidation

Hannah Godfrey
clock • 2 min read

Smaller firms are facing increasing difficulties in the form of greater regulatory demands and technological advances, while some "don't have any idea what MiFID II means for them," Roger Brosch has warned.

For smaller firms, the Foster Denovo CEO (pictured) said, regulatory change and technological advances had become expensive to invest in and difficult to keep up with. "The second Markets in Financial Instruments Directive [MiFID II] will start to cause lots of headaches for people who are trying to run things themselves because of what you are now expected to be able to show," he explained. "Whether it is data protection, say, or expressing charges in a particular format - for everybody to reinvent the wheel individually is going to be difficult." Brosch said the Financial Conduct...

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