Transparency and anti-Brexit campaigner Gina Miller is planning to sue the FCA over its approach to MiFID II, claiming the regulator is not taking a firm enough approach to ensure asset managers comply with the new rules.
Accordingto Financial News, Miller claims the Financial Conduct Authority (FCA) is creating an "anti-competitive market" by allowing some of the largest asset managers to get away with non-compliance with the new rules, which came into force on 3 January. Miller argued the regulator's approach to MiFID II was penalising compliant firms and allowing others to continue breaking the rules. The FCA said in September 2017 it would not immediately fine firms failing to meet the new requirements, on the condition they had "taken sufficient steps to meet the new obligations". Two-fifths of...
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