This year’s ambitious overhaul of the rules governing the European Union’s financial services industry will catch many companies unprepared, with one new poll suggesting that only four in 10 financial firms will be ready when the new regime comes into effect eight months from now.

Concern over the shake-up associated with the EU’s markets in financial instruments directive, or Mifid, has been rising for months. The controversial legislation is intended to create an open, competitive cross-border market for financial services.