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Markets in Financial Instruments Directive (MiFID) II

The Markets in Financial Instruments Directive (MiFID) II will come into effect on 3 January 2018 and deliver some significant changes to investing regulations in the UK.

What will MiFID II do?

MiFID II will introduce enhanced obligations for companies providing investment services, providing three main benefits to investors:

  • Greater transparency of fees and charges
  • A move from annual to quarterly investment statements
  • Added protection from market abuse

The Terms and Conditions will be changing as a result of these new regulations. A copy of the new Terms and Conditions will be provided towards the end of the year.

What does this mean for me?

MiFID li requires investors to supply additional information to be able to continue trading in 2018:

  • Check your full name, date of birth and nationality/nationalities are recorded correctly on your account.
  • Provide a "National Client Identifier" (NCI):
    -   For sole UK nationals, the NCI is your National Insurance Number.
    -   Non-UK nationals, and anyone who has multiple nationalities, may be asked for a different NCI. e.g. your passport number.

When do I need to supply the information?

Regular traders and those with standing instructions
(such as Regular Investments, Dividend Reinvestments
and/or pending Limit Orders)
Occasional traders
As soon as possible Prior to your first trade in 2018
If you don’t provide this information, we may not be able to trade for you in 2018 until your information is updated. This includes any Regular Investments and Dividend Reinvestments.

How do I provide this information?

Accounts held in your own name Log in to your account as usual. Navigate to Admin then Account Admin to update your information.
Joint accounts First named account holder - The first named account holder can check and update their information online by logging in to the account as usual and navigating Admin then Account Admin.

Additional named account holders - Please complete and send the Personal Details Update form to us, found at

Information for all account holders must be updated.
Company, Charity or Trust accounts This account is recorded as being a ‘non-personal legal entity’. The regulations state that all entities are required to obtain, and supply, a Legal Entity Identifier (LEI).

A LEI is a 20-character identifier that identifies distinct legal entities that engage in financial transactions. Further information can be found on the London Stock Exchange at

In order to place a trade after 2 January 2018, please obtain and provide us with the LEI. Please send the LEI to us by secure message from your account.

How to obtain an LEI

An LEI must be applied for via an accredited body – a list of all issuing organisations can be found at: Please note that the issuing organisation will charge a fee for providing and renewing an LEI.

In the lead up to 3 January, it’s likely that organisations issuing LEIs will be subject to an increased volume of requests and lead times for obtaining your LEI may vary.

Third Parties

If you have a third party linked to your account e.g. a relative or an advisor, who makes investment decisions on your behalf, they will also need to provide some additional information.

The information can be provided by completing the Third Party Regulatory Details form, found on our website at, or by calling Customer Services 0345 300 0430.

Remember, we may not be able to trade for you in 2018 until your information is updated.

Further Information

In the two articles below, we provide more information about MiFID II and how it may impact on you and the way in which you invest.

  • Click here to find out about the additional we need to collect from you.
  • Click here to read about the changes to 'Complex' products and how this may affect you.
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