MiFID Audits
Are you a FCA regulated business in need of a MiFID audit?
MiFID applies to any business operating within the financial sector. This includes banks, brokers, investment firms and many more.
All MiFID investment firms are required to have an annual statutory audit carried out by a registered auditor, like ourselves.
All regulated investment firms (with limited exceptions) also have to send an annual report to the FCA. This report should provide a reasonable assurance on the client money and/or custody assets held by your firm.
What is MiFID
MiFID (Markets in Financial Investments Directive) covers a vast amount of legislation relating to the financial industry.
In simple terms, MiFID is a regulatory framework designed to standardise financial markets, increase transparency within the financial sector and improve protection for investors.
Does my FCA regulated firm need to appoint a statutory auditor?
You are required under the Companies Act to appoint a statutory auditor to perform an external audit on your annual accounts if you undertake any activity within the scope of MiFID.
You may also be required to appoint an auditor to report to the FCA on client assets held by your firm.
What is the cost of failing to comply with MiFID?
Failure to comply with MiFID could lead to fines and/or sanctions (such as being prevented from participating in a given marketplace).
By establishing and maintaining MiFID compliance, not only will you avoid these penalties, but you will also protect your businesses reputation.
Find out more about our MiFID audit services
If you think that your business may be required to appoint an auditor please contact us – we would be happy to help. You can call our team on 01934 412097, email or complete the form on our contact page and we’ll be in touch shortly.
Other Accountancy Services
We offer a comprehensive range of accountancy services for businesses and individual clients. Click the links below to find out more.
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