FCA: Firms must improve 'inconsistent' MIFID II disclosure standards

Warns against misleading consumers

The Financial Conduct Authority (FCA) has outlined a number of failings within the retail investment space with regard to the disclosure of costs and charges required under MIFID II, with the regulator warning that failure to improve could result in increased scrutiny of the sector.

MIFID II, which came into force in January 2018, requires - among other things - investment firms to accurately disclose the cost and charges they incur to clients and regulators. FCA's Bailey promises action on PRIIPs and MiFID II failings In its most comprehensive review to date of the requirements, the FCA found inconsistencies in the way costs and charges were being disclosed with firms' efforts often hampered by a lack of third-party data and a "reluctance" to invest in new technology. In a statement on Thursday (28 February), the FCA said the sector must improve in their disc...