FCA to take action on unintended MiFID II and PRIIPs consequences
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FCA to take action on unintended MiFID II and PRIIPs consequences 15 June 2018London Reporter: Maddie Saghir
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The financial conduct authority (FCA) is set to take action on unintended the second Markets in Financial Instruments Directive (MiFID II) and the Packaged Retail and Insurance-based Investment Products (PRIIPs) consequences, it was revealed at this year’s FCA asset management conference in London.
FCA CEO, Andrew Bailey, outlined the priorities for the sector and business leaders, while other stakeholders discussed key trends, challenges and developments facing the industry.
According to FCA, asset managers have a crucial role to play in providing the future financial well being of millions of savers.
Their vision is for a dynamic, competitive and innovative sector where firms compete on the value that they deliver for investors.
Bailey and other senior FCA executives discussed their vision for asset managers as agents to their investors, as market participants uphold integrity and as stewards of their investors.
Meanwhile, workshop sessions also took place, which were hosted by FCA specialists, covering topics of interest to business leaders and practitioners alike.
Alex Dorfmann, director of product management at SIX, commented: “The fact that the FCA is reviewing how these requirements have affected the industry nearly six months on from implementation is a very positive step, as it will bring greater clarity to work on PRIIPs and MiFID II which asset managers are still carrying out.”
“Bailey’s comments are a key example of why it is crucial to be able to respond to any recommended changes and clarifications that come from the regulators. For asset managers, this means adopting flexible compliance systems that can be easily adjusted in the face of new or unexpected developments.”
He added: “Embracing a more strategic approach to investor protection and aligning compliance efforts will allow asset managers to react, not only to the FCA’s concerns, but to any future recommendations made from other local regulators across Europe.”
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