Over a third of financial services companies are unsure if they are MiFID II-compliant

Comes into force 3 January 2018

Over one-third of financial services firms are unaware if their organisation is ready for the implementation of MiFID II, with less than 30 days before the legislation comes into force.

A recent survey, conducted by managed cloud service provider Timico, found 39% of UK financial firms are unaware whether their organisation is compliant with the new regulations, while just 8% of companies said their employees were fully aware of MiFID II's legal implications and had received relevant training. The study also found 14% of staff were unaware of what processes are required to be compliant but 37% are in the process of initiating a training programme. Chief technology officer at Timico Kevin Linsell said: "With just under a month to go and Christmas holidays in between, ...