Many firms will still be discussing how exactly to tackle changes to regulation surrounding research and best execution once the new policy comes into effect in January 2018.
Ultimately the changes to internal processes and operations will have to be made as failing to prepare is simply not an option, according to Caddick, the head of global multi-asset solutions at the firm.
"There's a difference between asking are people ready today, in May, right now, and it's probably a universal no,” he said.
“Does that mean people won't be ready at the end of the year? They will be ready because not being ready is not an option. What we are seeing now across the UK is an industry in preparation.”
Ultimately, Caddick believes the changes will be tough to take, but a good thing for the industry.
He added: "How you interpret it will vary, as an industry we go through these painful processes but sometimes we get these step changes and Mifid II is one of them, and it's going to be a big change but ultimately for the better."