David Geale, Director of Policy at the FCA, has given a speech on investor protection under MiFID II. According to Mr Geale, although detailed MiFID II implementing measures are still awaited, enough is known about the direction of travel and the key changes on the horizon for firms to start preparing now. The speech highlights key areas of MiFID II for the retail market and outlines some practical steps and preparations that firms will need to make. Areas covered include product governance, inducements, remuneration, performance assessment and reward, appropriateness and costs and charges.