There are a couple more things for we advisers to moan about as the New Year rapidly ages. The snappily-named ‘MIFID 2’ is a piece of Euro-legislation which, amongst other things, means that when we see you each year, we have to tell you a) how much you’re paying us and everyone else and, b) write a report to tell you why we’re not changing anything, assuming we decide everything’s going swimmingly.
The other is that we have to cough up a share of the extra £24m needed to compensate clients of ‘advisers’ who’ve recommended unregulated funds which have disapparated into the ether. All good causes, I’m sure. But don’t expect those of us at the less-expensive end of the adviser fee scale to get any cheaper.