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What is MiFID II?
MiFID II is an EU legislation that has applied since 03 January 2018. It seeks to, in particular, build on its predecessor (MiFID I), and improve protection for investors and the functioning of financial markets in light of the 2008/2009 financial crisis.
What does MiFID II mean for investors?
MiFID II improves protection for investors and requires firms to provide more information about their products and how much they cost. This includes the requirement to provide a pre-sale disclosure document, which sets out the full costs, including any product costs applicable to the investment, the cost of financial advice (if applicable) and the costs of the investment itself. This helps investors better assess the impact of costs on the performance of investments before they are placed.
What products require a pre-sale disclosure?
If you do not have a financial adviser, you will only receive a pre-sale disclosure for an ISA or GIA. No pre-sale disclosure document is given in respect of SIPPs, as SIPPs are exempt under the MiFID II regulations.
If you are receiving ongoing advice, your financial adviser will provide you with the pre-sale disclosure document for investments within an ISA and GIA as required by the regulations and may choose to do so for investments within the SIPP as well.
How do I generate a pre-sale disclosure?
If you are making ad hoc or regular fund purchases through the Investment Centre using your James Hay Online account, we will provide the relevant costs and charges for each fund for you to review before placing your trades.
To help you assess the impact of the costs and performance of investments outside of the Investment Centre (if applicable), you can use our calculator below.
You will need to have details of any adviser charges (if applicable), product charges and your investment details to hand.