Defaqto has extended the capability of its end-to-end financial planning software by adding a MiFID II functionality in a bid to help advisers meet regulatory requirements.
The fintech firm said the Markets in Financial Instruments Directive II (MiFID II) portfolio cost analysis to Defaqto Engage includes a complete breakdown of costs.
As well as a full MIFID II compliance cost breakdown based on the value of the client's investment, users will be able to see one-off costs, ongoing costs, transaction costs and incidental costs.
Defaqto chief technology officer Paul Dagley-Morris said: "Compliance and regulatory change will continue to be a challenge in financial advice, as such we review and update our software solutions regularly.
"This latest update arms advisers with access to even more information to further assure compliance. Whether an adviser is recommending a new portfolio or reviewing a client's existing investment, Defaqto Engage users can now see a full breakdown of MiFID II Costs."
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More than 4,500 retail investors affected
Paid out £54m in related compensation
Changes to take place by next year