Cost disclosures
smith
Member
Hi Peeps.
Just looking at our cost disclosures within the advice and have had a query about pulling together the charges for an ISA and a GIA, rather than disclosing them separately, as they are on the same platform and carry exactly the same costs.
Our compliance dept are advising that they'd like them splitting out, as although the % figures are the same, the £ will differ per wrapper.
What do people think?
ta
Comments
I would agree with your Compliance department and would expect to see costs and charges shown separately for each wrapper.
Mifid II aggregation rules allow you to simplify down to:
This needs to be done for each wrapper.
The actual costs (whether ex-ante or ex-post) must be shown as both percentage and monetary. The effect of the costs (i.e. RIY) can be either percentage or monetary.
A detailed breakdown of all actual costs (% and £) must be made available on request.