Peter Smith is the global head of industry policy liaison at Tisa, the industry funded body which works with the financial services industry, government, policymakers and regulators to improve and develop the quality of savings and investments in the UK. Peter is a member of the Tisa executive team. His work covers policy matters across financial services distribution, platforms, technology innovation, and retirement as well as a number of project groups. He has a strong presence in public affairs and public policy work.

For those of us who have been working on this with regulators and government for some time, the structure and implications of the new data protection laws are well known. Yet on my travels and discussions with advisers around the UK at conferences and industry events, things do not appear to be that clear or well understood.

This is understandable given the raft of other regulation on the horizon, and having to keep up with this alongside the daily task of serving clients.

It is arguably fund groups, platforms and discretionary fund managers who have the most work to do in complying with Mifid II, but the regulations still mean a number of changes for advisers which advice firms will need to understand.

When it comes to costs and charges disclosure, Mifid II will at the very least include changes to client agreements and disclosure documents. And that’s before what’s coming under the General Data Protection Regulation, but that’s another story.