Simon Hawker IFA St Albans - How is Lonsdale preparing for Mifid II legislation

Wednesday 15 November, 2017

How will Lonsdale Services clients be affected by Mifid II?

You may be aware of the new legislation from the European Union (EU) that is coming into effect on 3rd January 2018 which will standardise the level of investor protection across the EU.  This legislation replaces the existing Mifid rules which financial services companies have complied with since 2007.  

It is Lonsdale Wealth Management’s responsibility to ensure we hold accurate client details before we offer you independent financial advice, so we may be contacting you to check we have correct information such as national insurance numbers or nationality details.

We are also reviewing our key documents with an independent compliance company to ensure all our documentation is Mifid II compliant for the New Year.  We will be issuing updated client agreements to all clients in 2018.  

There are new pieces of Mifid II legislation that will be introduced in the New Year that we will comply with.  For example clients will be informed when portfolios fall 10 per cent or more.   

Simon Hawker, Managing Director and member of the Lonsdale Services financial planning team, St Albans said:

‘We are already undertaking many of the Mifid II requirements.  All our offices follow our standard process guide for client reviews and new business.  We take detailed notes of all client phone calls and meetings which we record on our client database.   We make sure that all our clients understand the risks involved in purchasing different types of investment products, and we assess a client’s understanding and knowledge to ensure we offer appropriate financial planning advice at all times.  Our client fee structure is transparent and we always explain our charges to clients before we offer financial advice.  We also offer four levels of service as detailed in our Client Service Brochure; and the majority of our clients are already receiving annual reviews or more frequent client meetings in line with new Mifid II guidelines.’ 

Simon Hawker, Managing Director and independent financial adviser, Lonsdale Services, St Albans said:

 ‘Our client satisfaction questionnaire results below show the responses of 793 clients asked about our services between 1/1/10 and 30/9/17. We are encouraged by the findings which suggest our clients are satisfied with the financial advice we currently offer.  We will update you on our Mifid II progress in our next newsletter.  If you have any further questions about these changes please speak to your financial adviser or email Lonsdale Services at: enquiries@lonsdaleservices.co.uk’

Lonsdale Wealth Management client satisfaction survey results

The questionnaire results below summarise the views of 793 clients who completed all or part of our client questionnaire between January 2010 and 30 September 2017. Any clients that were sent a survey but did not respond to our survey are omitted from the results below.

When asked the question ‘I feel that my adviser listens and is fully aware of my financial needs / objectives before making any recommendation(s).' Of our clients who returned the questionnaire and responded to the question – over 99% strongly agreed or agreed. Clients that disagreed were less than 1%.

When asked the question ‘The level and type of service I receive is what I was led to believe.’ Of our clients who returned the questionnaire and responded to the question – 70% strongly agreed and 30% agreed.

When asked the question ‘My adviser always provides me with sufficient information and /or documentation in order that I can make a fully informed decision.’ 100% of clients either strongly agreed or agreed, those that disagreed were less than 1%.

When asked the question: ‘I understand what I am being charged for, in relation to ‘advice’ and /or ‘service’ being offered by the Lonsdale Wealth Management.’ 99% of clients agreed or strongly agreed and 1% disagreed.

For more information read: Deb Nolan, independent financial adviser Leeds / Bradford: Lonsdale Services win Retirement Planner Outstanding Customer Care award,  Amy Kadir, Lonsdale Mortgage Broker, St Albans gets excellent mystery shopper score, 

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