Two thirds of firms unlikely to meet MiFID II deadline

Regulatory costs expected to double in next five years

Just 36% of financial services firms that are subject to MiFID II are confident they will be able to comply with the regulation by the January 2018 implementation date.

This is according to a survey of 183 senior financial services professionals by corporate finance adviser Duff & Phelps, including compliance professionals and investment managers, across Europe, US and Asia. It found that 89% of managers, brokers and banks foresee increasing costs due to regulation, with many suggesting compliance spend could more than double in the next five years. Currently, respondents said they are typically spending 4% of total revenue on compliance, but this could more than double to 10% by 2022.  MiFID II blog: All the latest industry developments As man...