The Financial Conduct Authority (FCA) has published a discussion paper on MiFID II (DP 15/3), in advance of a formal consultation on the implementation of MiFID II in the UK. The discussion paper deals with the following matters around MiFID II:

  • Application to insurance-based investment products and pensions;  
  • Treatment of structured deposits;  
  • Receipt of commissions and other benefits for discretionary investment managers;  
  • Professional client business (in particular client categorisation and the treatment of local public authorities and municipalities);  
  • Adviser independence;  
  • Application of remuneration requirements to sales staff and advisers to non-MiFID firms;  
  • Recording telephone conversations and electronic communications;   
  • Costs and charges disclosures;  
  • Revised inducements standards;  
  • Complex and non-complex products and the application of the appropriateness test.