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Alan and Gina Miller launch MiFID II-compliant digital wealth manager

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SCM Direct has launched an upgraded ‘Mark II’ version of their digital wealth manager, which is compliant with the requirements of MiFID II.

SCM Direct is designed to give clients access to lower total cost of investment fees of 0.98 per cent pa, a fully MiFID II compliant onboarding process which gives applicants illustrations of all costs and charges, a lower minimum investment entry level of GBP 10,000 for GIA and ISA accounts and GBP100,000 for institutional and non-UK clients, plus new monthly contributions from as little as GBP50.
 
SCM Direct is promising to deliver significant outperformance over traditional wealth managers and significant difference in returns between the ‘average’ SCM Portfolio over the average Robo-Adviser Portfolio, plus a new low-cost SIPP starting from GBP18 pa, with a maximum of annual charge of GBP60 pa including VAT.
 
From 3 January 2018, under Article 24 of MiFID II, drafted by SCM Direct’s Alan and Gina Miller, all platforms, stock brokers, advisers, wealth managers, discretionary and non-discretionary portfolio managers and banks’ wealth management services will have to show all costs – via both ex-ante and ex-post disclosure illustrations. 
 
Regulated firms will have to show all costs aggregated and expressed in pounds & pence and as a percentage; over the life of an investment and under different return scenarios. Firms without compliant robust systems in place by 3 January 2018 would be breaking the law, but SCM Direct has worked with its new platform provider Hubwise, to ensure its application process and client portal complies with MiFID II requirements.
 
Gina Miller (pictured),says: ‘MiFID II ushers in a new dawn of consumer protection and transparency. This regulation is no surprise, yet firms have been bleating and foot dragging about the expense and complexity of doing the right thing and letting people know how much they are truly paying. If a boutique firm like ours can today launch a fully compliant service, there are no excuses. 
 
‘The atmosphere in the industry feels like pre-RDR all over again but this time they won’t get away with just sending staff on crash courses.’

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