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27 Nov 2006
The Financial Services Authority has warned that the EU's Markets in Financial Instruments Directive (Mifid) will cost London’s financial district £1bn.
The new rules are designed to create a single market in financial services.
But the FSA said that while Mifid could generate £200m a year in ongoing benefits, the rules were likely to land companies with substantial one-off compliance costs.
It may these predictions as part of a formal assessment published over the weekend.
The report, said the industry would be stung with a one-off implementation costs of between £870m and £1bn, with ongoing costs of an extra £100m a year.
Further reading:
Billionaires choose London as a tax haven
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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