TISA releases updated MiFID II Costs & Charges guideTISA, the investing and saving alliance, has today February 7th published an updated version of its essential MiFID II approach to implementation guide for Costs & Charges.

Produced to assist Asset Management and Distribution firms, the guide sets out a comprehensive, industry wide approach to the practical aspects of implementing the Costs and Charges provisions, including suggested templates.

This new version includes (in section 10) guidance to address an area of much considered thought by the industry by helping to clarify the standards and methodologies when completing the ex post section of the EMT, and guidance on ex post cumulative effect of charges on returns (in section 6.5).

Speaking at TISA’s MiFID II one year on seminar today, Jeffrey Mushens, TISA’s Technical Policy Director said:

“Costs and Charges are one of the most difficult technical challenges for firms to overcome. But it is imperative to get it right if firms are to meet their regulatory obligations and perhaps even more importantly, provide consumers with clear and simple information, presented in a consistent manner.

“Each firm will have its own distinct characteristics and so there can be no ‘one-size fits all’ solution. This guide has therefore been designed to allow firms to modify their approach, while keeping to a common industry wide approach.”

The scope of TISA’s guide covers:

• References to relevant sections of MiFID II legislative documents

• Examples of Ex-Ante and Ex-Post calculation methodologies

• Suggested templates for Ex-Ante And Ex-Post disclosure reports to clients

• Suggestions on timing for disclosures of Ex-Ante and Ex-Post reports to clients

• Reference to the EWG MiFID II template Version 1.0 (EMT) Excel document used for distributing financial instrument data from the product manufacturers to the Distributors.

Costs & Charges is one of a range of guides available from TISA’s MiFID II Resource Hub: http://www.tisa.uk.com/mifid.html Other guides include Product Governance – Distributor Reporting; Appropriateness – guide to implementation and the MiFID II Feedback Template.

Ends….

Issued on behalf of TISA by Atlas Partners, for further information please contact:

Clara Rees Jones: telephone: 020 7183 7154 or 07523609413, email: clara.reesjones@atlas-partners.co.uk Email: tisa@atlas-partners.co.uk

Notes for Editors

TISA is a unique, rapidly growing, consumer focused membership organisation. Our ambition is to improve the financial wellbeing of all UK consumers. We work with our members to deliver practical solutions and devise innovative, evidence-based strategic proposals for government, policy makers and regulators that address major consumer issues.

TISA membership is representative of all sectors of the financial services industry. We have over 200-member firms involved in the supply and distribution of savings, investment products and associated services, including the UK’s major investment managers, retail banks, online platforms, insurance companies, pension providers, distributors, building societies, wealth managers, third party administrators, Fintech businesses, financial consultants, financial advisers, industry infrastructure providers and stockbrokers.

Complementing our consumer policy development, TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives (TeX/STAR, Digital ID, MiFID II and Open Savings & Investment). This reflects TISA’s commitment to open standards and independent governance.

TISA’s current strategic policy and industry solution developments include making financial guidance more widely available; digitalisation including the development of a Digital ID, developing open standards-based projects that support the growth of Fintech and increase consumer access to financial services while lowering costs for providers; financial education for young people; retirement savings; consumer engagement; the TISA and KPMG Savings Index.

TISA also provides its members with support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. This work currently includes: MiFID II, CASS, SM&CR and addressing cybercrime.