Gina Miller on Mifid: If I can do it, why can’t you?

There is “no excuse” for firms that fail to prepare for Mifid II before January, according to SCM Direct founders Alan and Gina Miller who have launched a “fully compliant” service of their own.

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The duo revealed the launch of their firm’s new digital wealth management offering on Tuesday, seven weeks before the final deadline, and claim it works wholly in line with the upcoming European regulation.

Mifid II, a set of rules governing the relationship between asset managers and clients, will come into force on 3 January 2018.

The pair challenged other firms struggling to prepare for the swathe of regulatory changes which includes rules on research unbundling, transaction reporting and a requirement to inform clients if their portfolio drops 10% in any 24-hour period.

“If a boutique firm like ours can today launch a fully complaint service, there are no excuses,” Gina Miller (pictured) said.

“If a boutique firm like ours can today launch a fully complaint service, there are no excuses..."

SCM also said it had reduced fees which now work out to just 0.60% a year for a managed portfolio of £10,000.

The firm worked with Hubwise to develop the service which will provide quarterly valuations and an annual statement of costs.

Miller added: “Mifid II ushers in a new dawn of consumer protection and transparency. This regulation is no surprise, yet firms have been bleating and foot dragging about the expense and complexity of doing the right thing and letting people know how much they are truly paying.”

“The atmosphere in the industry feels like pre-RDR all over again but this time they won’t get away with just sending staff on crash courses,” she added.

Established in 2009, SCM runs three ‘core’ and three blended ETF model portfolios.

It has dropped its minimum investment threshold from £15,000 to £10,000 and introduced monthly contributions of £50.

 

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