The Association of Independent Financial Advisers has issued a publication that gives further clarification to firms about the rules surrounding Mifid.
Aifa deputy director general Fay Goddard says Aifa is aware of some “incomplete and inaccurate information” being circulated to IFA firms and is seeking to clarify the misinformation surrounding the directive.
She says: “In order to dispel these myths and half-truths, we are issuing this guidance to reiterate some facts about Mifid and its implications for IFAs.
“The main confusion lies between non Mifid firms, those firms who have opted in to Mifid and full Mifid firms. The requirements for all three types of firms are very different.
“We can understand why this confusion has arisen and that is why we have worked very hard to clarify the implications of the directive for our members. We now feel that we should issue further instruction to the wider IFA community.”