SCM Direct has launched an upgraded MiFID II fully compliant digital wealth manager.
Working with platform provider Hubwise, SCM Direct has built an application process and client portal that complies with MiFID II requirements. This will include illustrations across different returns and time periods, quarterly valuations and an annual statement of costs, best execution in accordance with new MiFID II rules and notification if there is a 10 percent drop in the value of a client’s portfolio within 24 hours.
SCM’s investment entry level is lowering from £15,000 to £10,000 and it has introduced new monthly contributions from £50. The entry level for corporate clients is lowering from £150,000 to £100,000. For clients investing in the SCM Euro or US dollar portfolios, the entry levels will also lower from EUR 150,000 to EUR 100,000 and from $150,000 to $100,000. The total cost of investment fees is 0.98 percent a year.
Gina Miller, founding partner, said: "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 complaint 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."
Established in 2009 by Alan and Gina Miller, SCM Direct is a DIY digital wealth manager offering investors access to three core ETF model portfolios, and three blended ETF model portfolios, in three currencies.