Of the 100 top decision-makers in financial services surveyed by Censuswide and Teleware, more than half claimed more education is needed on the European regulation, which will come into force in just over three months’ time.
19% admitted their staff knew nothing of the impending changes in store from the European directive.
Only 42% of senior business leaders said they were confident in their firm’s knowledge of the directive.
Steve Haworth, CEO at communications firm TeleWare, said there was still time to improve knowledge if firms made regulatory training a “key priority” over the next few months.
He added: “The financial services market is flooded with information about Mifid II. With less than 100 days to go, it is concerning that many senior decision makers within financial institutions are not confident that their staff know the ins and outs.”
Mifid II comes into force on 3 January 2018 and will introduce a requirement on firms to list research costs as a single expense rather than bundled with other charges, with a number of asset managers choosing to absorb the cost rather than pass it on to clients.
The new directive, which will replace the original Mifid, aims to improve investor protection and bring more trading under the European regulatory remit.