Urgent: Seven Years of MiFID II Failures – Immediate Action Required
Dear Mr Grimmer,
CC: Mr Nikhil Rathi, CEO of the FCA & Tulip Siddiq, The Economic Secretary
Mr Nikhil Rathi,
£4.486 billion, 7 years of MiFID II implementation, and countless FCA reviews, yet we are still dealing with the same failures in consumer protection. MiFID II was designed to bring transparency and fairness, but how has this been realised for retail clients? The reality is clear: it hasn’t.
CFD providers like Trading 212 continue to respond with: “If you want to know the spread on your trades, subtract the bid from the ask and write it down yourself.” The irony is that 7 times out of 10, what is shown on the platform is not what you actuallyget, what you do get is a 66% jump in the spread after the event.
When I request millisecond-precise timestamps, which is the only way to verify best execution, Trading 212 not only fails to grasp the importance but is more likely attempting to maintain their opaqueness. This level of disregard has normalised the fact that 78% of retail customers lose money when trading CFDs with platforms like Trading 212.
Why, after £4.486 billion, 7 years of MiFID II, and the introduction of the Consumer Duty, are we still in this position? The answer is simple: It’s not new regulations or standards that we need—it’s proper implementation and enforcement. What is the point of these regulations if there is no enforcement to ensure compliance?
I have sent eight emails to various economic journalists, informing them that I will begin a hunger strike starting on 6th September 2024 at 12 Endeavour Square, London E20 1JN, which will last over the weekend until I receive what is my legal right—the transparency and disclosure owed to me under MiFID II.
The fact that I am still chasing basic information—such as an itemised breakdown of the spread on my trades, and precise timestamps to verify best execution—highlights the complete failure of enforcement in this space. These requests are not optional; they are legal requirements under MiFID II and should also align with the FCA’s Consumer Duty principles.
If this information is not provided immediately, I will escalate the matter further with the FCA and pursue all available avenues to hold Trading 212 accountable.
Regards,
Ali Rezvani