TISA leads industry calls for clarity over key themes in MiFID II
TISA leads industry calls for clarity over key themes in MiFID II
Working groups to recommend good practice guideline for Directive
TISA, the financial services membership organisation, has called for greater clarity and understanding around the issues of appropriateness and product governance in MiFID II, ahead of the FCA Consultation Paper in December.
At a pan-industry seminar held by TISA on Tuesday 29th September the key issues around retail themes and interim recommendations of the working groups were set out and discussed.
MiFID II is now in implementation phase which is the time for the industry to consider what good practice could or should look like and to help provide guidance. TISA has used a similar model before in areas such as share class conversions, which was very successful.
TISA has identified the following key themes which it believes will require the most legislative attention:
• Development of a standard for appropriateness.
• Product governance – the relationship between product manufacturers and distributors.
• Development of standardisation and templates.
• Definition of the target market.
• Need for common standards in messages, data sets and language used between firms.
• Issues around data protection.
Jeffrey Mushens, Technical Policy Director of TISA said:
“MiFID II is a significant piece of regulation which will have a major impact on the market and our members. As a result, we’ve established TISA MiFID II Product Governance and Appropriateness Project Working Groups to lead on the key issues and themes we have identified. These groups will establish standardised processes, common definitions and market practices that meet the needs of firms and customers, and that satisfy the regulatory obligations placed on firms.”
Simon Andrews is the Chair of TISA’s MiFID II Executive Committee on Appropriateness and Sally Rigg is the Chair of TISA’s MiFID II Executive Committee on Product Governance.
Jeffrey Mushens continues, “TISA will continue to take the lead, working with trade associations where appropriate, to help our members and the wider industry understand the full implications of MiFID II and how to best prepare their businesses for the change. We are keeping the FCA fully informed with the hope they will take a full interest in these two critical issues moving forward. This is a rare window of opportunity to influence regulatory thinking and we hope the initiative will be well received.
“The support and response we have received from our members and the wider industry has clearly demonstrated why these issues are so critical. And, this is why we are engaging with the FCA who will be writing and implementing future rules which will govern both appropriateness and product governance.
”Ends….
For further information please contact:
Alistair Kellie – Telephone: 020 7680 6558/ Email Alistair.Kellie@newgatecomms.com
Sara Lyons – Telephone: 020 7680 6550 / Email Sara.Lyons@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 147 member firms involved in the supply and distribution of savings and investment products and services.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.
TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities.
Website: www.tisa.uk.com