FCA's Andrew Bailey: MIFID II to save investors £1bn

MiFID II, which came into effect in January 2018, requires asset managers to pay for research separately from other broker services. The result has been the vast majority of asset managers deciding to pay for research out of their own revenues, rather than continuing to pass the costs of research onto end investors. In a speech delivered yesterday (25 February), Bailey describe the shift as "well beyond our expectations in the summer of 2017". Tom Hegarty: MiFID II lengthens advice process by two hours per client It has seen firms' research budgets "reduced by around 20% to 30%"...