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A Thomson Reuters’ survey of over 1,100 executives across the world published in September 2017 found that only 46% of respondents described themselves as ‘knowledgeable’ about MiFID II1 and 37% felt their organisation was not fully prepared.
Commenting on the guide, Caroline Escott, Investment and Defined Benefit Policy Lead at the Pensions and Lifetime Savings Association, said:
“With the countdown to MiFID II implementation well underway it’s essential that pension schemes are fully aware of the actions they need to take in the run up to 3 January and the actions necessary in the months afterwards.
“There has been some discussion about a lack of preparedness amongst asset managers, businesses and financial institutions, but it’s just as important that pension schemes know what needs to be done to ensure a smooth transition to the new rules. The top five actions outlined in our guide are intended to help schemes prepare and prioritise to avoid any issues or a last minute rush. But MiFID II also presents the perfect opportunity for schemes to seriously consider how they use their managers and we hope this guide will help instigate such reviews.”