I started the week at a Spanish conference on private banking in Madrid. It was a glorious day in Madrid, spring was definitely in the air and the sun was warm on our backs.
This was not a load of Brits on a good old jolly... the delegates at this event were Spanish and had come from all over Spain for the Banca Privada (Private Banking) conference by IIR Spain. It was an interesting day, but given the questions and the speeches throughout, it was clear that the Spanish still have their heads in the sand about MiFID2 and the implications for fund distribution. Many seemed to think that the fact that implementation had been delayed by a year meant that it might be thrown out altogether... dream on because MiFID2 is here to stay.
The FCA is damned if it does and damned if it doesn’t. From the time that RDR was announced through its long gestation and even since its implementation, there has never been a shortage of naysayers predicting that it will have a terrible impact on the fund industry.
This week there has been another wave of criticism at recent comments by the FCA’s acting head, Tracy McDermott, that commission could be reintroduced in some circumstances.
She was speaking to Radio 4’s, Money Box progamme and said “We do not want to go back to a world where we had the problems of the pre-RDR, what we do want to look at is actually what is the best way of delivering advice and guidance across the market so I wouldn’t rule out that there may be some element of commission, but we are not going to reverse the RDR.”
You’re probably wondering where we’ve been these past few months, and have been bemoaning the lack of insightful posts and general industry chitchat. The summer is always a busy time for us, but as well as our usual publications and quarterly workload, we’ve had our noses to the grindstone producing a large study on behalf of Alfi, the Association of Luxembourg Fund Industry.
This is the first time week that we’ve actually been able to come up for air. The report is done and dusted, it has been sent off to the printers and I’m finalising the presentation for the Alfi conference next week when the report will be launched. Details of the conference on 23rd and 24th September can be found at www.alfi.lu. However, you don’t have to attend to get hold of the report. On the day of the launch, it will be uploaded to the website and will be freely available to download (we’ll post a link on here to make it easier for you to find).