IN Partnership has opted into Mifid and gained an exemption that will enable it to continue servicing expat clients.
The network says it recognised early on the importance of the Mifid debate and that it would have a wider impact on the IFA community than many were first predicting.
Group chairman Stanley Lovell says: “We made our position clear to the FSA and Aifa and informed them that it was our understanding that Mifid required all UK-based IFAs who had expat clients living in any other European country would need to opt in to Mifid.”
He says many of its comp-etitors accused In Partnership of scaremongering but the firm held its belief and submitted its opt in to Mifid before the July 1 deadline, ensuring that it would have its variation of permissions in time for the November 1 implem-entation date.
Lovell says: “If networks do not recognise the fact that some of their appointed representatives are advising retail clients in Europe and fail to take steps to opt in, they will be in breach of the European legislation as this requires investment firms offering advice on investment instruments to hold passporting permission to conduct cross-border serv-ices. This can only be given if the firm is a Mifid firm.”