Bankhall, a firm that provides support to regulated financial advisers, is “urging advisory firms not to delay embedding the new MiFID II aggregated costs and charges requirements”.
MiFID II requires investment firms to aggregate and disclose all costs and charges to its clients, including the cost of the investment service, the instruments themselves (such as investments and shares) and any ancillary charges. These costs need to be disclosed to the client on a forecast basis and an actual cost basis, where the firm is providing an ongoing service. They must then produce an illustration of the effects of these charges on a clients’ overall investment return and provide them with it.
Bankhall managing director Julie Sadler commented: “Aggregated costs and charges is undoubtedly one of the biggest challenges advisory firms face in embedding the new MiFID II requirements. The problem from the outset has been the lack of a prescribed industry method for calculating or presenting this information.”
In order to combat this, Bankhall has developed and launched a tool designed to “assist advisory firms with their ex-ante aggregated costs and charges calculations and disclosures”.
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