Extend Priips rules roll out, EU trade body demands
‘Flawed review process’ not tackling ‘the heart of the issue’
ANNOUNCEMENT: UK Adviser is now PA Adviser. Read more.
‘Flawed review process’ not tackling ‘the heart of the issue’
As it aims to ‘deliver long-term market access’ with Gibraltar, as well as ‘limit’ Brexit disruptions
As lawmakers block reforms due to legal concerns
The UK’s financial watchdog has reviewed wealth managers’ performance on disclosure requirements
‘Investors now face being misled by Kids for years to come’ warns AIC chief executive
Comments welcomed on changes to the presentation and content of the Key Information Documents
Key information document is not meeting its objectives
The Association for Investment Companies (AIC) has added its voice to the criticism of the key information document (Kid) required under the retail investment and insurance products (Priip) regulations following a call for feedback by the UK’s Financial Conduct Authority (FCA).
International advisers have joined European fund managers in a call to reform key information documents for packaged retail and insurance-based investment products – six months into implementation.
The Financial Conduct Authority is “comfortable” allowing Priip manufacturers and advisers to provide “explanatory materials” where there are concerns that performance scenarios in mandatory key information documents (Kids) are too optimistic.
US expats will be among the worst affected after Hargreaves Lansdown suspended nearly 1,200 ETFs and investment trusts last week after they failed to produce a key information document (Kid) as required under the EU’s new Priips regulation.
The European Fund and Asset Management Association (Efama) is urging regulators to work with the industry to rectify “serious issues” in new rules, due to come in to force in January 2018, that are designed to enhance investors’ understanding of retail investment products.