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Apcims voices fears over Mifid

The rigorous implementation of Mifid in the UK is putting brokers at a competitive disadvantage compared with their European counterparts, said the Association of Private Client Investment Managers and Stockbrokers at the FSA’s meeting last week.

It challenged the regulator to ensure that the industry does not lose business due to the UK implementing Mifid more stringently than other European Union countries.

Apcims chief executive David Bennett said: “In order to maintain the stockbroking and investment management community in the UK, which manages £400bn a year, we must ensure there is a level playing field across Europe.”

Head of communications Dirk Paterson asked outgoing chairman Callum McCarthy if the regulator would acknowledge the different business models run by personal investment firms.

He said the FSA should avoid telling firms how to run their businesses by imp-osing costly one-size-fits-all approaches.

Apcims is also pushing the regulator to consolidate post-trade data and limit changes to data security measures.

Bennett commented that asking for identifications such as a password, birth date and mother’s maiden name is “inappropriate for the stockbroking industry”and that this risks undermining valuable client relationships and trust.

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