With less than six months to go before MiFID II enters into force, it is important to mention the major challenge it represents for our banks to adapt to the requirements of this regulation without causing undesirable effects in the investment fund industry, a savings segment that—it must be emphasised—has enjoyed an excellent reception and reputation in recent years.
As is well known, in the process of adapting to MiFID II, fund distribution is affected by general rules, such as the distinction between independent and non-independent advice, or the new training certification requirements for the network. However, without any doubt, the greatest impact will come from the rules on the charging of inducements, which require an “increase in the quality of service” in order to continue receiving those fees.
The Spanish industry is firmly committed to achieving that increase in service quality without this entailing an abrupt change in the investment fund distribution model in Spain, which could lead to undesirable consequences, as has in fact already occurred in other markets. For example, prices could rise as a result of the obligation to market third-party products or, even, small savers could be pushed out of this market, as they would not be willing to bear the explicit payment of fees for the distribution of the investment fund.
José María Roldán, Chairman of the Spanish Banking Association
