Adviser mulls releasing 500 clients over MiFID II suitability demands

'Doubling up' workload

Victoria McKeever
clock • 1 min read

Almary Green is considering releasing around 500 clients due to MiFID II suitability requirements "effectively doubling up" its workload, the firm's managing director Carl Lamb has revealed.

"If you follow MiFID II to the letter with regard to proving suitability then, rather than one appointment with a client you actually need two - so you're doubling up your work," Lamb (pictured) told Professional Adviser. In the past, Lamb explained, one meeting was normally sufficient to assess suitability. Under the latest Markets in Financial Instruments Directive (MiFID II) regulation, he said, however, advisers now had one meeting to assess a client's current situation, then had to write to them to verify their products were suitable and have another meeting to rearrange anything de...

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