Compliance with Mifid II reporting standards is more of a concern for advisers than Brexit or broader economic volatility, research has found.
CoreData’s survey of 1,000 advisers in the UK shows close to a third (31 per cent) pointed to Mifid II as their primary business challenge.
Head of international Craig Phillips says: “Given recent market volatility and geopolitical tensions, in addition to the current state of Brexit negotiations, the finding that adviser consider Mifid II their biggest challenges shows just how much of a headache the regulation is causing.”
A quarter of respondents said volatile markets were their main concern, ahead of those who pointed to Brexit (18 per cent) and general macroeconomic and political risks (12 per cent).
The level of concern over Mifid II compliance is also up on recorded levels in 2018.
CoreData research last year placed volatile markets ahead of Mifid II as advisers’ primary business challenge.
Phillips says: “Advisers are feeling the Mifid II strain more this year, suggesting elements of the regulation are creating an increased workload.”
The incoming Senior Managers and Certification Regime came in at the bottom of advisers’ business concerns, along with robo advice and GDPR.