What MiFID II means for your investment services
Alexandra Keep, Senior Investment Manager at Cornelian answers your questions about the changes MiFID II means for Cornelian clients.
What is MIFID II and why is it relevant to me?
MiFID II is a European Union Directive which builds on existing rules set in place for the financial industry. Its main aim is to protect investors and make sure that financial markets operate fairly and transparently. As result we will enhance the information provided to you and report to you more frequently about your investments.
What changes will there be to the service Cornelian provide me?
From now on you will receive a quarterly investment report. If you are already signed up to ClientZone, our online portal, you will receive electronic reports. You will be advised by e-mail when the report is there for you to access. You will receive the electronic reports quicker than would be possible with hard copy reports. Given the volume of reporting we now have to undertake throughout the year, from 31 March 2018 we will cease to send hard copy reports unless you notify us or if you have not already signed up to ClientZone.
What changes will there be in my investment report?
From January 2019 your report will contain a more detailed section setting out all costs and charges which have been incurred over the course of 2018. The majority of these costs and charges are already contained within the statements of your report; by consolidating the figures into a detailed section this will make them easier to view and add enhanced transparency to our reports. After January 2019 in each quarterly report we will show a rolling 1 year period of costs and charges.
What other communications I am eligible to receive?
In the event that your portfolio’s value falls by more than 10% since the date of the last investment report we are now required to contact you as soon as practicable to inform you of this. This communication will be by letter and a further communication with commentary on the fall in value will follow.
I am not already using ClientZone or I have forgotten my password; how to I get access?
Please contact your investment manager who will arrange for online login details or a new password to be issued to you by e-mail.
Senior Investment Manager