Survey lends credence to Mifid sceptics' doubts
LONDON - Sceptics of the Markets in Financial Instruments Directive (Mifid) have always claimed it would be a costly measure. Now, as a result of a survey carried out by US-based research firm LECG on behalf of the Financial Services Authority (FSA), their fears have been given some weight.
Published at the end of October, the report shows that for the 33 respondents from the investment services industry, the combined total for one-off costs of Mifid was £69 million. Ongoing costs came to £6.9 million. The median figures in the sample on a per-firm basis were £2 million for one-off costs and £150,000 for ongoing costs.
Such findings give backing to those who have claimed Mifid will be excessively burdensome for the industry, and will also make it harder for the regulatory
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