MiFID II, or to give it its full name, the second Markets in Financial Instruments Directive, aims to:
For client’s investing in ETIs, we require the following information to be completed on the platform.
Firms using Wrap or Elevate under advisory permissions only
In addition to requesting the information above for individual clients and trusts, we also require the LEIs for discretionary firms and the NIs for key decision makers within those firms.
Discretionary firms using Elevate, Wrap or Wrap's Investment Hub are able to input this information on the platform.
Firms using the Investment Hub under advisory permissions are not required to provide an LEI / NI for key decision makers for their firm. However, we require the information as outlined above for individual clients or Trust accounts regardless of which product the investment is held through.
Our platforms have been updated to enable advisers to provide and check the relevant identifiers.
If you believe you need to obtain a LEI there are a large number of service providers who are authorised to issue and administer LEIs, further information on providers can be found online. Note that LEI applications carry an initial application cost and annual renewal costs.
Discretionary managers (DFMs) and advisers with discretionary permissions are obligated to provide quarterly client reporting. Clients must also be informed of depreciations in the value of their model by 10% (and any subsequent 10%) within each reporting period.
For both Wrap and Elevate, a document which details the valuation drop (in relation to Investment Management Hub portfolios on Wrap and DFM portfolios on Elevate) will be generated in your client’s document library within their platform account and we’ll automatically inform advisers/discretionary managers about the 10% drop and which clients are affected.
Clients are also to be informed when the unit price of their investment in a ‘leveraged instrument’ drops by 10% (and any subsequent 10%). The vast majority of assets on our platforms are not defined as leveraged.
Underlying ISA / Personal Portfolio investments which are PRIIPS will, in the majority of cases, have a KIID or KID, available on the platforms. For those which do not, please source the KID directly from the provider's website.
On Elevate, access to appropriate fund documentation is available in the IST and research screens.
MiFID II requires you to provide your clients with aggregated information both pre-sale and post sale.
Pre-sale we take all the relevant information from fund managers and present through a charges information document. We also make this information available post-sale on an annual and ad hoc basis.
We also show the discretionary manager fees through the same documents.
Transaction level detail for discretionary models are confirmed in the contract notes.
MiFID II requires fund managers to decide and clearly articulate the target market for their products. They monitor sales to ensure their products are being recommended to the right people.
As a result, advisers must be clear on their target clients and understand the appropriate products and distribution method for them.
abrdn will bring together target market data from fund managers, as well as help provide the data required by fund managers to monitor sales.
This is about formalising best practice for assessing and reporting on advice to hold a particular fund. The regulation creates a requirement to repeat this each year if your advice is ongoing. It’s worth considering whether you could improve your ‘know your client’ process. Or perhaps review how often you check a client’s attitude to risk and whether there are any specific trigger points (like at retirement).
abrdn provides easy access to the investment information advisers need to help support suitability assessments.
You can find answers to a wide range of popular policy, product and servicing questions in our help and support section.
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This website is provided by Standard Life Savings Limited. It describes products and services provided by the abrdn Group (including Standard Life Savings Limited and Elevate Portfolio Services Limited) and the Phoenix Group (including Standard Life Assurance Limited, Standard Life Trustee Company Limited and Standard Life International dac).
The abrdn Group comprises abrdn plc (SC286832) and its subsidiaries. The Phoenix Group comprises Phoenix Group Holdings plc (11606773) and its subsidiaries.
Full product and service provider details are described in the legal information notice.
Wrap Platform, Wrap Personal Portfolio, Wrap ISA and FundZone Platform are all provided by Standard Life Savings Limited, which is part of the abrdn Group.
Standard Life Savings Limited is registered in Scotland (SC180203) at 1 George Street, Edinburgh, United Kingdom, EH2 2LL. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority.
Please see your terms and conditions for more information on the use of the Wrap platform.
Wrap SIPP and Wrap Onshore Bond are both provided by Standard Life Assurance Limited, which is part of the Phoenix Group. Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road, Edinburgh, EH1 2DH. Standard Life Assurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Wrap Offshore Bond is provided by Standard Life International dac, which is part of the Phoenix Group. Standard Life International dac is a designated activity company limited by shares and registered in Dublin, Ireland (408507) at 90 St Stephen’s Green, Dublin. Standard Life International dac is authorised and regulated by the Central Bank of Ireland and subject to limited regulation in the UK by the Financial Regulation Authority. Details about the extent of its regulation by the Financial Conduct Authority are available on request.
The Elevate platform, Elevate ISA, Elevate GIA and Elevate PIA are provided by Elevate Portfolio Services Limited, which is part of the abrdn Group.
Elevate Portfolio Services Limited is registered in England (01128611) at 280 Bishopsgate, London EC2M 4AG and authorised and regulated by the Financial Conduct Authority.
Please see your terms and conditions for more information on the use of the Elevate platform.
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abrdn plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh, EH2 2LL