The FCA has published a new webpage setting out the key findings of its multi-firm supervisory review of MiFID II costs and charges disclosure.

The review examined disclosures on firms’ websites and their communications to retail clients. The review involved a sample of 50 firms, identified from a number of MiFID investment firms operating in the retail investments sector, whose costs and charges disclosures did not appear to fully comply with the disclosure requirements introduced under the MiFID II Directive (2014/65/EU).

The review’s findings suggest that whilst improving over 2018, overall, the industry has been slow to comply with the updated costs and disclosure requirements.

The webpage includes sections on:

• Information on the interaction between the costs and charges disclosure requirements in the MiFID II Directive, the PRIIPs Regulation ((EU) 1286/2014) and the UCITS Directive (2009/65/EC).
• Areas of improvement, detailing examples of practices the FCA expects firms to address.
• Examples of good practice, detailing examples of compliance that go beyond the requirements for transparency of costs and charges.
• Suggested next steps for firms to take.