Quarter of firms not ready for Mifid II

More than a quarter of businesses are struggling to prepare for Mifid II ahead of the January 2018 deadline, a new survey from communications firm Teleware has found.

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A survey of 100 senior managers across financial service firms found 28% were worried they would not be ready in time for the implementation of the far-reaching European legislation.

However the concerns were greater among larger firms, with 38% unsure if they will be ready on time.

It was a different picture for small firms with less than 10 employees, which were all confident they had plans in place to ensure they were ready.

Steve Haworth, CEO of TeleWare, said Mifid II was a complex directive, with wide-ranging implications for firms.

He added: “Mifid II is placing a strong emphasis on accountability. Firms need to be able to clearly and accurately reconstruct communication trails leading up to trade deals. This includes all forms of communication, from a text message to a Skype call to a face-to-face meeting.

“With technology underpinning operations, it’s highly encouraging that firms are investing in this area ahead of January 2018.”

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