Many in the investment community were taken by surprise in June when the Financial Conduct Authority said it would begin conducting audits of brokers and fund managers to ensure they were all properly complying with regulations under the EU's revised Markets in Financial Instruments Directive.

It is probably fair to say Mifid II implementation did not get off to flying start at the beginning of the year, with the UK watchdog dragging its heels in providing clarity on the application and timelines for the implementation of the rules.