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Tom Hegarty: MiFID II lengthens advice process by two hours per client

When the NMBA asked member firms if MiFID II had made the advice process longer, writes Tom Hegarty, there was a consensus it could be estimated advisers were now spending up to two hours more per client

Every month we ask our member firms to give us their feedback on a hot industry topic and, most recently, we focused upon the effects of the second Markets in Financial Instruments Directive (MiFID II), which came into force on 3 January this year.

The legislation is vast and complex and may take a long time to be fully understood and embedded into the industry. MiFID II aims to provide greater protection for investors, raise transparency standards within financial advice, reduce risk of market abuse and make the markets more efficient.

 

SimplyBiz Group PLC (LON:SBIZ) provides compliance support and business consultancy services to financial services, legal and workplace benefits professionals in the United Kingdom. It offers regulation, vision, business efficiency, personal development, and encouraging growth services. 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.