MiFID II - The ongoing challenge
On the 3rd January 2018, MiFID II brought about seismic changes within the financial services industry, with key changes impacting:
- Client Categorisation
- Best Execution
- Product Governance
- Fee and commission transparency
- Complaint Handling
- Transaction Reporting
- Disclosure Requirements
- Telephone Recording
The FCA has made it clear that compliance with MiFID II isn’t as simple as being a yes or no situation. Each firm must find its own solutions, structures, processes and assurances that they are compliant with the relevant requirements of the Directive and the FCA’s corresponding rules and expectations.
Compliance with MiFID II is an evolutionary journey, with regulatory guidelines, industry practices and lessons learnt all shaping the control framework and operational approach taken by firms.
How can CCL help with your MiFID II progress?
With our skills, experience and knowledge of industry-wide practices and regulatory expectations, we are able to help your Firm assess your compliance with MiFID II. Many of our clients have already benefited from our advice and feedback, specifically in the following areas:
- Undertaking compliance reviews to provide assurance on your Firm’s compliance with MiFID II
- Implementing MiFID II-ready compliance monitoring programme via our RegTech solution, CCL C.O.R.E
- Providing technical advice on an ongoing or ad hoc basis to ensure compliance with MiFID II
- Providing co-sourced services to internal audit functions for specialist MiFID II assurance reviews
- Managing remediation activity to help rectify or adjust any issues of non-compliance