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MiFID II biggest headache for advice firms – while biggest opportunity is…

17 July 2019

The majority of advisers continue to find MiFID II requirements a challenge, a new poll by Intelliflo has found.

At Intelliflo’s recent ‘Change the Game’ conferences in London and Manchester, 129 delegates were asked which regulations were giving their firm the biggest headache.

Two thirds (66%) cited MiFID as the most challenging legislation, while 22% described the Senior Management and Certification Regime as causing them the most trouble.

In contrast, only 7% chose PROD, while just 5% thought Retail Mediation Activity Return was the most difficult to deal with.

Nick Eatock, executive chairman, Intelliflo, said: “It’s no surprise that MiFID II is on the minds of advisers as there are multiple mandatory requirements. Technology can go a long way to helping meet these challenges and we are seeing those who do engage with the available tech are managing better than those who are yet to get fully engaged.”

Biggest opportunity

Delegates were also asked what they saw as the biggest opportunity for their business over the next three years. Of the 425 who took part, 43.5% said it was the enhanced digitisation of client services. Nearly one in five (17.6%) cited better client data from platforms and product providers, while 13.4% listed software integration and APIs as the biggest opportunity. At the bottom of the list was open banking regulations, with just 5% of the vote.

Eatock added: “With regards to the question about their biggest opportunities, it’s really interesting to see such overwhelming support for digitisation. Advisers are really engaging with the benefits tech can offer them in terms of communicating with clients plus providing them with a high-quality service that’s also more time efficient from a business perspective.”