Ahead of the Mifid one year anniversary conference in Brussels, Association of Private Client Investment Managers and Stockbrokers chief executive David Bennett is calling for a halt to new regulatory initiatives.
Bennett says: “We fully recognise the need to protect investors and to open up the European market. However Mifid should have been the last word in regulation.
“Mifid has been expensive to implement with no discernable benefits for firms or clients. It needs to be given time to bed down, yet a steady flow of regulatory initiatives from the FSA continues to buffet our industry. These initiatives are not required by EU legislation and come at a time when businesses should be focused on core activities.”
Bennett says much of the FSA guidance is not subject to consultations or cost benefit analysis, making it expensive and unjustifiable.
He says: “On the first anniversary of Mifid we are calling for less regulatory initiatives. Our message is ‘let Mifid bed down’ before introducing anymore burdens on our industry.”