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New Markets in financial instruments directive (MiFID) II rules 2018

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


What MiFID II does?

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

  1. Greater transparency of fees and charges
  2. A move to quarterly investment statements
  3. 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 II 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
    • As soon as possible
  • Occasional traders
    • 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.


  • Accounts held in your own name

  • Joint accounts

  • Investment Clubs

  • Child Trust Funds

  • Company, charity or trust accounts


Third Parties

If there is 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 in the forms and guides section of our website, or by calling Customer Services 0345 0700 720. 

Download Form


Further information

Find out more about the MiFID II changes and how they might affect the investment landscape.

Read Article

There will also be changes to ‘complex’ products that may affect you.

Find out more

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I've still got questions!

Our experts are on hand to help at our UK based Customer Experience Centre on 0345 0700 720


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