By January 2018 any company in the UK that delivers any financial advice to clients via any means of communication including; phone call, MMS, SMS, Instant Messages and even face-to-face meetings must comply with MiFID II.
Ok, so what does MiFID stand for? It stands for The Markets in Financial Instruments Directive. Companies that offer ANY financial or legal advice over the phone or face-to-face will have to abide by this new piece of legislation.
MiFID TWO’s (II) soul aim is to protect and strengthen protection to any investors, whilst also providing security to prevent any market abuse from companies that offer financial or legal advice. MiFID TWO (II) will also greatly increase transparency and re-establish consumer trust which has been badly damaged over the last 10 years.