MiFID II, which came into effect January 2018, presented a significant challenge for regulated firms to first understand, and then address. It was yet another example of increasingly complex regulatory and compliance requirements continuing to impact their bottom line. This presented an opportunity for compliance consultancies to offer technology driven solutions and services.
One such consultancy, Duff & Phelps, saw this as an ideal opportunity to leverage technology and develop a collaborative, centralised, multi-user web-based application that would not only enable firms to navigate the lengthy and highly complex MiFID II legislation, but to conduct their own analysis of how MiFID II affected them and develop a series of prioritised tasks to achieve compliance.
Ian Manson, Managing Director in the Compliance and Regulatory Consulting (CRC) practice at Duff & Phelps, who was responsible for the client management and consulting engagements of affected firms, said, “Building a MiFID II tool was a new venture into FinTech for Duff & Phelps’ CRC. Clearly the process was a steep learning curve for my team but it was a very important step for us to use technology to simplify a daunting implementation project for our clients.”
In closing, Ian added, “We were delighted with the range and types of users that selected MAST; including both longstanding clients and very large firms we had not dealt with previously.”
With RegTech one of the largest sectors within FinTech, this and many other use cases point to increasing evidence that providing clients with potentially differentiated ‘must-have’ technology solutions to simplify new disruptive regulation can open up new markets, aid client retention, growth, whilst reducing cost and complexity.
Read the full MIFID II case study here.