AIFA guides members through MiFID

News Article - 02 November 2007
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Members of the Association of Independent Financial Advisers (AIFA) are receiving notices advising them how to implement the Markets in Financial Instruments Directive (MiFID).

The organisation has also published internet fact sheets concerning client classification, complaint handling and disclosure, all aiming to guide businesses through MiFID.

It advises companies to make sure they are prepared for the new legislation which regulates retail investment services and said it would support its members throughout.

"MiFID is an attempt to create a level playing field across Europe for investors and the firms servicing them. MiFID introduces a new high level requirement for firms to act 'honestly, fairly and professionally'," said Fay Goddard, deputy director general of AIFA.

The organisation recently expressed concerns that the Financial Services Authority would need to change the way it monitors the new regulations, as many companies would implement the rules in different ways.

Article keywords: The British government should concentrate its efforts on developing a &quot;far simpler system of taxation&quot; for small businesses in Britain, according to a leading business accountancy firm.<br/><br/>Andrew Jupp, the head of tax at Tenon, has welcomed a recent ten-year strategy to boost enterprise and business growth, but stresses that it is the financial and administrative burden of taxation that is the &quot;fundamental problem of what stops entrepreneurship and innovation&quot;.<br/><br/>While &quot;the UK is slipping into recession and all Alistair Darling can talk about is stability&quot; following the recent global credit crunch, Mr Jupp wants ministers to tackle the business taxation system before introducing more elaborate schemes.<br/><br/>&quot;If you look at Corporation Tax, VAT and PAYE, the whole admin burden around <a href="http://www.access-accounts.com/" target="_self">accounting</a> for tax is a huge problem in itself, &quot; he explained. &quot;I've had small businesses saying to me: 'We can't expand to take on more people, because the hassle of having to comply with the VAT and PAYE obligations is just too great'.&quot;<br/><br/>Chancellor Alistair Darling announced changes to the Capital Gains Tax (CGT) taper relief system in his 2008 Budget that have been criticised by the small business community. Smaller firms are advised to adopt <a href="http://www.access-accounts.com/products.aspx" target="_self">SME <a href="http://www.access-accounts.com/" target="_self">accounting software</a></a> to keep up with changes to business tax systems.<br/><br/>Taxation was selected by 74 per cent of small business owner managers in a poll by the Small Business Research Trust as a barrier to growth. The rate of corporation tax for small businesses has increased from 20 to 21 per cent, with a further rise to 22 per cent planned for 2009.

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