19 October 2007

• Regulators blamed for insufficient explanations
• 70% of advisers fear non-compliance by November 1

New researchⁱ by Brewin Dolphin amongst UK intermediaries reveals that 70% are confused as whether or not they are directly regulated by the Markets in Financial Instruments Directive (MiFID), despite its introduction in November this year.

The independent survey of over 200 Independent Financial Advisers shows that 80% believe that MiFID has not been sufficiently well explained by regulators to the advisory community and 87% feel that they did not know enough about the directive and its impact on their business.

MiFID is a key part of the European Union’s Financial Services Action Plan, harmonising the manner in which financial services are delivered by providing common standards of regulation across EU member states.

Reflecting the confusion felt by advisers towards MiFID, 70% admitted that they were concerned that their firms would not be compliant in time for its introduction on 1 November. Furthermore, almost half (46%) were unable to identify who would benefit the most from MiFID while 30% earmarked consumers as the main beneficiaries. Only 8% felt that advisers would benefit the most.

John Cowmeadow, Head of Professional Business Development at Brewin Dolphin said, “The vast majority of financial advisers remain in the dark about MiFID, despite its looming deadline. Although many intermediaries will not be directly regulated by MiFID, the effects of this directive are wide ranging and will have a significant impact on the way they manage their businesses and their clients. This research demonstrates that there is an urgent need for advisers to receive clear guidance on MiFID in order to bring them up to speed over the next few weeks. We would urge them to visit the MiFID section of our website for Professional Advisers or contact their nearest branch office.”

http://www.brewindolphin.co.uk/advisers/mifid.aspx

- Ends -

For further information:

John Cowmeadow – 0131 529 0350
or
Charlotte Black, Director of Corporate Affairs
Brewin Dolphin Securities
020 7248 4400 or Charlotte.Black@brewin.co.uk

Patrick Evans / Alistair Kellie / Ewan Robertson
Citigate Dewe Rogerson
020 7638 9571

Notes to editors

Brewin Dolphin Limited (“BD”) is the principal operating company of Brewin Dolphin Holdings PLC which is listed on the London Stock Exchange. BD is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.

BD is the largest independent private client investment manager in the UK. The Group manages £21 billion of funds for over 100,000 clients, and of this £10 billion is on a discretionary basis. BD has 38 offices and is corporate adviser to around 140 small and medium sized quoted companies. Brewin Dolphin Investment Banking was voted AIM Broker of the Year 2007. ⁱⁱ

The Group provides complete investment management for private investors, charities and pension funds and trades as:

Brewin Dolphin in England, Wales and the Channel Islands

Bell Lawrie in Scotland and Northern Ireland

Hill Osborne in the East Midlands

Wise Speke in the North of England

Stocktrade is the BD Execution-Only division. www.stocktrade.co.uk

Please see Media Centre section on www.brewindolphin.co.uk for details and photos of all commentators and analysts throughout the BD Group.

1. A total of 201 interviews were completed by George Street Research amongst independent financial advisers throughout the UK between 9th and 20th July 2007.
2. Brewin Dolphin Investment Banking was voted Broker of the Year 2007 at the Investors Chronicle AIM Investment Awards, in association with the FT