Select Committee on Treasury Written Evidence


Memorandum submitted by Mr Stephen Eastham

THE IMPLEMENTATION OF THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (MiFID)

  As a small IFA (one registered individual £*** turnover, £***0 net profit) I was concerned to read that David Kenmir intends not to apply the exemption for Financial Advisers as allowed in this Directive.

  I believe this is to create a level playing field between myself and the banks!

  Is this correct? As you will appreciate the resources I have at my disposal for further regulatory burden is nothing compared to the banks.

  Further in this directive firms will have to comply with the new Capital Requirements Directive.

  If I was to be directly regulated I would currently need to have £*** (28% of turnover) in my companies bank account to comply with the Capital Adequacy requirements. I am concerned that this amount could increase further.

December 2005




 
previous page contents next page

House of Commons home page Parliament home page House of Lords home page search page enquiries index

© Parliamentary copyright 2006
Prepared 8 June 2006