MiFID (The Markets in Financial Instruments Directive) and our commitment to you.
MiFID is an EU Directive affecting member states and, although the Isle of Man lies outside the EU and its scope, Duncan Lawrie always seeks to operate with the highest integrity when dealing with or on behalf of our clients. Therefore we adopt best practice throughout our group and the Isle of Man Asset Management division applies the MiFID standards to our business.
What Is MiFID?
The Markets in Financial Instruments Directive (MiFID) which came into force on November 1st 2007 is a highly significant change to financial services law that will apply to investment services and activities provided in the United Kingdom and across the European Community. In summary the rules and regulations that govern the way in which investment activities (such as investment management and advisory services of the type provided by the Duncan Lawrie Private Banking Group) are provided to clients will be standardised across the European Community. As part of the standardisation process MiFID also brings with it new and refined rules intended to enhance investor protection.
Best execution
While the concept of ensuring that clients get the best value in the buying and selling of investments is already an FSA requirement (and referred to as “best execution”), MiFID extends the scope of both the products concerned and the clients it applies to, and introduces more rigorous regulatory requirements.
Under MiFID, investment firms must take all reasonable steps to obtain the “best possible result” when executing client orders, taking into account a range of factors, including: price, cost, speed, likelihood of execution and settlement, size, nature, or any other consideration relevant to the execution of the order. Click the link below to see a summary of our best execution policy which explains the steps we have in place to secure the best possible result for you on a consistent basis.
Conflicts of interest
Like best execution, regulation of conflicts of interests is far from new. However, MiFID brings with it an emphasis on identifying and managing conflicts to ensure prevention of damage to client interests, with disclosure to clients when the firm cannot be reasonably confident its arrangements will prevent the risk of damage. Click the link below to see a summary of the conflict policy we have in place to protect your interests.
